Business, 19.03.2020 08:49 elianagilbert3p3hh63

Calculate ending inventory and cost of goods sold for four inventory methods.
Sandra’s Purse Boutique has the following transactions related to its top-selling Gucci purse for the month of October. Sandra's Purse Boutique uses a periodic inventory system.

Date Transactions Units Unit Cost Total Cost
October 1 Beginning inventory 6 $760 $4,560
October 4 Sale 4
October 10 Purchase 5 770 3,850
October 13 Sale 3
October 20 Purchase 4 780 3,120
October 28 Sale 7
October 30 Purchase 8 790 6,320
$17,850

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Answer from: paigehixson9457

Date Transactions Units Unit Cost Total Cost

October 1 Beginning inventory 6 $760 $4,560

October 4 Sale 4

2 $ 760 1520

October 10 Purchase 5 770 3,850

7 $ 767.14

October 13 Sale 3

4 767.14 3068.57

October 20 Purchase 4 780 3,120

October 28 Sale 7

1 773.57

October 30 Purchase 8 790 6,320

9 788.19 7093.57

Inventory Units 23 $17,850

Ending Units = 23- 14= 9 units

FIFO Ending Inventory = $ 7100

8 units at $790 = $ 632 0

1 unit at $780 = $ 780

LIFO Ending Inventory = 6870

6 units at $760 = $ 4560

3 units at $770 = $ 2310

Gross Profit Inventory = $ 17850/23 * 9= $ 6985

Moving Average Cost Inventory = 9* 788.19= $ 7093.57

FIFO Cost of Goods Sold= Total Units - Ending Inventory FIFO

= 17850-7100 = $ 16150

LIFO Cost of Goods Sold= Total Units - Ending Inventory LIFO

= 17850-6870= 10980

Gross Profit Cost of Goods Sold= Total Units - Ending Inventory Gross Profit

= 17850- 6986= 10864

Moving-average cost Cost of Goods Sold= Total Units - Ending Inventory=

= 17850-7093.57= 10756.43

Answer from: chevy1911

To calculate the ending inventory and cost of goods sold for Sandra's Purse Boutique, these Four Inventory Methods are used.

Specific First-in, First- Last-in, First- Weighted-

Identification: out (FIFO): out (LIFO): Average:

Ending Inventory $7,090 $7,100 $7,090 $6,985

Cost of goods sold $10,760 $10,750 $10,760 $10,865

Data Analysis:

Date Description Units Unit Cost Total Cost

October 1 Beginning inventory 6 $760 $4,560

October 4 Sale -4

October 10 Purchase 5 770 3,850

October 13 Sale -3

October 20 Purchase 4 780 3,120

October 28 Sale -7

October 30 Purchase 8 790 6,320

Total 23 14 $17,850

Ending inventory = Beginning inventory + Purchases - Units sold

= 9 (23 - 14) units

Note: For specific identification, the ending inventory was part of units purchased on October 10 and October 30.

Specific Identification:

Ending inventory = $7,090 (1 x $770 + 8 x $790)

Cost of goods sold = Cost of goods available for sale - Ending Inventory

Cost of goods sold = $10,760 ($17,850 - $7,090)

First-in, First-out (FIFO):

Ending inventory = $7,100 (1 x $780 + 8 x $790)

Cost of goods sold = Cost of goods available for sale - Ending Inventory

Cost of goods sold = $10,750 ($17,850 - $7,100)

Last-in, First-out (LIFO):

Ending inventory = $7,090 (1 x $770 + 8 x $790)

Cost of goods sold = Cost of goods available for sale - Ending Inventory

Cost of goods sold = $10,760 ($17,850 - $7,090)

Weighted-Average:

Weighted average purchase price = Cost of goods available for sale/Total inventory

= $776 ($17,850/23)

Ending inventory = $6,985 ($776.09 x 9)

Cost of goods sold = $10,865 ($776.09 x 14)

Learn more about the four inventory costing methods at link and link

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Answer from: Quest

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Calculate ending inventory and cost of goods sold for four inventory methods.
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