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     $ 820       $ 4,920     October 4   Sale   4                       October 10   Purchase   5       830         4,150     October 13   Sale   3                       October 20   Purchase   4       840         3,360     October 28   Sale   7                       October 30   Purchase   8       850         6,800                               $ 19,230    

 

2. Using FIFO, calculate ending inventory and cost of goods sold at October 31. 

Jimmie’s Fishing Hole has the following transactions related toits top-selling Shimano fishing reel for the month of June2015. Jimmie’s Fishing Hole uses a periodic inventory system.

Date: Transactions: Units: Cost perUnit: Total Cost:

June 1 Beginninginventory 16 $180 $2880

June 7 Sale 11

June 12 Purchase 10 170 1700

June 15 Sale 12

June 24 Purchase 10 160 1600

June 27 Sale 8

June 29 Purchase 8 150 1200

_____________

$7380

1) Using FIFO, calculate ending inventory and cost of goods soldat June 30, 2015.

Ending inventory:

Cost of goods sold:

2) Using LIFO, calculate ending inventory and cost of goods soldat June 30, 2015

Ending inventory:

Cost of goods sold:

3) Using weighted-average cost, calculate ending inventory andcost of goods sold at June 30, 2015. (Round yourintermediate and final answers to 2 decimal places.)

Ending inventory:

Cost of goods sold: