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

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 $ 880 $ 5,280

October 4 Sale 4

October 10 Purchase 5 890 4,450

October 13 Sale 3

October 20 Purchase 4 900 3,600

October 28 Sale 7

October 30 Purchase 8 910 7,280

                          $ 20,610

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

2 Answers

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  • 1 month ago

    Units in ending inventory = Beginning + Purchased- Sold = 6 + 17 -14 = 9

    Using FIFO

    Ending inventory = 1@900 +8@910 = 8180

    Cost of goods sold = 20610-8180 = 12430

  • Anonymous
    1 month ago

    another wrong category homework CHEATER.

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