Question

Sandra’s Purse Boutique has the following transactions relatedto its top-selling Gucci purse for the month of October2015. Sandra's Purse Boutique uses a periodic inventory system.

Date

Transactions

Units

Cost perUnit

TotalCost

October 1

Beginning inventory

6

$720

$ 4,320

October 4

Sale

4

October 10

Purchase

5

730

3,650

October 13

Sale

3

October 20

Purchase

4

740

2,960

October 28

Sale

7

October 30

Purchase

6

750

4,500

$15,430

Required:

1.

Calculate ending inventory and cost of goods sold at October 31,2015, using the specific identification method. The October 4 saleconsists of purses from beginning inventory, the October 13 saleconsists of one purse from beginning inventory and two purses fromthe October 10 purchase, and the October 28 sale consists of threepurses from the October 10 purchase and four purses from theOctober 20 purchase.

2.

Using FIFO, calculate ending inventory and cost of goods sold atOctober 31, 2015.

3.

Using LIFO, calculate ending inventory and cost of goods sold atOctober 31, 2015.

4.	Using weighted-average cost, calculate ending inventory and costof goods sold at October 31, 2015.(Round your intermediateand final answers to 2 decimal places.)