FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Concept explainers

Inventory Valuation
Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in…
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--- ## Inventory Management Case Study ### Sandra's Purse Boutique: Periodic Inventory System for October Sandra's Purse Boutique provides the following transactions associated with its top-selling Gucci purse for October. The boutique uses a periodic inventory system. | Date | Transactions | Units | Cost per Unit | Total Cost | |-------------|-----------------------|-------|---------------|------------| | October 1 | Beginning inventory | 6 | $740 | $4,440 | | October 4 | Sale | -5 | | | | October 10 | Purchase | 5 | $750 | $3,750 | | October 13 | Sale | -3 | | | | October 20 | Purchase | 4 | $760 | $3,040 | | October 28 | Sale | -4 | | | | October 30 | Purchase | 7 | $770 | $5,390 | **Total Cost of Purchases for October:** $16,620 ### Required: Using the FIFO (First-In, First-Out) method, calculate the ending inventory and cost of goods sold on October 31. #### Steps for Calculation: 1. **Determine the cost of goods sold (COGS) using FIFO:** - FIFO implies that the earliest items purchased are the first to be sold. #### Transactions Breakdown: - **Sales:** - October 4: Sold 5 units from Beginning Inventory -> 5 units at $740 = $3,700 - October 13: Sold 3 units from remaining 1 unit in Beginning Inventory and 2 units from October 10 purchase -> 1 unit at $740 + 2 units at $750 = $740 + $1,500 = $2,240 - October 28: Sold 4 units -> 3 units from October 10 purchase and 1 unit from October 20 purchase -> 3 units at $750 + 1 unit at $760 = $2,250 + $760 = $3,010 - **Total COGS:** \[ 3,700 + 2,240 + 3,010 = 8,950 \] 2. **Calculate the ending inventory:** - Items remaining: -
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Transcribed Image Text:--- ## Inventory Management Case Study ### Sandra's Purse Boutique: Periodic Inventory System for October Sandra's Purse Boutique provides the following transactions associated with its top-selling Gucci purse for October. The boutique uses a periodic inventory system. | Date | Transactions | Units | Cost per Unit | Total Cost | |-------------|-----------------------|-------|---------------|------------| | October 1 | Beginning inventory | 6 | $740 | $4,440 | | October 4 | Sale | -5 | | | | October 10 | Purchase | 5 | $750 | $3,750 | | October 13 | Sale | -3 | | | | October 20 | Purchase | 4 | $760 | $3,040 | | October 28 | Sale | -4 | | | | October 30 | Purchase | 7 | $770 | $5,390 | **Total Cost of Purchases for October:** $16,620 ### Required: Using the FIFO (First-In, First-Out) method, calculate the ending inventory and cost of goods sold on October 31. #### Steps for Calculation: 1. **Determine the cost of goods sold (COGS) using FIFO:** - FIFO implies that the earliest items purchased are the first to be sold. #### Transactions Breakdown: - **Sales:** - October 4: Sold 5 units from Beginning Inventory -> 5 units at $740 = $3,700 - October 13: Sold 3 units from remaining 1 unit in Beginning Inventory and 2 units from October 10 purchase -> 1 unit at $740 + 2 units at $750 = $740 + $1,500 = $2,240 - October 28: Sold 4 units -> 3 units from October 10 purchase and 1 unit from October 20 purchase -> 3 units at $750 + 1 unit at $760 = $2,250 + $760 = $3,010 - **Total COGS:** \[ 3,700 + 2,240 + 3,010 = 8,950 \] 2. **Calculate the ending inventory:** - Items remaining: -
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Step 1: Define Ending Inventory and Cost of goods Sold
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Step 2: Calculation of Ending Inventory Using FIFO
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Step 3: Calculation of Cost of Goods Sold
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