kk.2 ---## 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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Description: kk.2 ---## 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 peri

Ending Inventory: It is the amount of stock available at the reporting date.Cost of goods Sold: It…

Business

Accounting

Required information [The following information applies to the questions displayed below.] 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: October 1 October 4 October 10 October 13 October 20 October 28 October 30- Transactions Beginning inventory Sale Ending inventory Cost of goods sold Purchase Sale Purchase Sale Purchase Units 6 4 5 3 -4 7 7 Cost per Unit $740 750 760 770 Total Cost $4,440 3,750 3,040 5,390 $16,620 2. Using FIFO, calculate ending inventory and cost of goods sold at October 31.

Required information [The following information applies to the questions displayed below.] 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: October 1 October 4 October 10 October 13 October 20 October 28 October 30- Transactions Beginning inventory Sale Ending inventory Cost of goods sold Purchase Sale Purchase Sale Purchase Units 6 4 5 3 -4 7 7 Cost per Unit $740 750 760 770 Total Cost $4,440 3,750 3,040 5,390 $16,620 2. Using FIFO, calculate ending inventory and cost of goods sold at October 31.

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter5: Inventories And Cost Of Goods Sold

Section: Chapter Questions

Problem 5.6DC

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Required information The following information applies to the questions displayed below] Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Date March 1 March 5 Harch 9. March 18 March 25 March 29 Total Perpetual FIFO Activities Beginning inventory Purchase Sales Purchase Purchase Sales Totals Date March 1 March 5 March 18 March 25 Complete this question by entering your answers in the tabs below. Perpetual LIFO 3. Compute the cost assigned to ending inventory using (a) FIFO. (b) LIFO. (c) weighted average, and (d) specific identification. For specific identification, units sold include 80 units from beginning inventory. 340 units from the March 5 purchase. 40 units from the March 18 purchase, and 120 units from the March 25 purchase. Weighted Average Goods Available for Sale # of units 400 120 200 720 Specific Id Compute the cost assigned to ending inventory using specific identification. For specific…
ded es Comparing Inventory Costing Methods Better Bottles, Incorporated uses a periodic inventory system and has provided its current inventory information. The Controller has asked you to prepare a comparison of the Ending Inventory and Cost of Goods Sold totals for three different inventory costing methods: Periodic FIFO, LIFO, and Weighted-Average. Description Beginning Inventory Jan. 15 Purchase Jan. 20 Purchase Goods Available for Sale Less: January Sales Ending Inventory Required: of Units Cost per Unit $ 20.00 22.00 30.00 20 27 33 80 36 44 Total Cost $ 400.00 594.00 990.00 $ 1,984.00 1. Calculate both the Ending Inventory and Cost of Goods Sold using Periodic FIFO. 2. Calculate both the Ending Inventory and Cost of Goods Sold using Periodic LIFO. 3. Using Periodic Weighted Average, first calculate the cost per unit using the formula below. Next, apply that same cost per unit to calculate both the Ending Inventory and Cost of Goods Sold. 4. Use the given information and your…
Required information Skip to question [The following information applies to the questions displayed below.] 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 $ 740 $ 4,440 October 4 Sale 4 October 10 Purchase 5 750 3,750 October 13 Sale 3 October 20 Purchase 4 760 3,040 October 28 Sale 7 October 30 Purchase 7 770 5,390 $ 16,620 Required: 1. Calculate ending inventory and cost of goods sold at October 31, using the specific identification method. The October 4 sale consists of purses from beginning inventory, the October 13 sale consists of one purse from beginning inventory and two purses from the October 10 purchase, and the October 28 sale consists of three purses from the October 10 purchase and four purses from the October 20 purchase. Using FIFO, calculate ending inventory and…
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 Beginning inventory Sale $ 700 $ 4,200 October 1 6 October 4 October 10 Purchase 710 3,550 October 13 Sale October 20 Purchase 4. 720 2,880 October 28 Sale Purchase October 30 730 5,840 $16,470 Problem 6-1A Part 1 Required: 1. Calculate ending inventory and cost of goods sold at October 31, using the specific identification method. The October 4 sale consists of purses from beginning inventory, the October 13 sale consists of one purse from beginning inventory and two purses from the October 10 purchase, and the October 28 sale consists of three purses from the October 10 purchase and four purses from the October 20 purchase. Answer is complete but not entirely correct. Ending inventory 6,540 O Cost of goods sold
b google My App Bb Lecture Bb Lecture Bb Chapter Cer X Mail - N Bb Columb * Using w b traslate Traduct + https://v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?in.. ... Calculate the cost of goods sold dollar value for A67 Company for the month, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for weighted average (AVG). Round your intermediate calculations to 2 decimal places and final answers to the nearest dollar amount. Number of Units Unit Cost Sales Beginning inventory 900 $50 Purchased 640 52 Sold 400 $100 Sold 350 110 Ending inventory 790 AVG (perpetual) Inventory Cost of Goods Purchased Cost of Goods Sold Cost of Inventory Remaining Number Number Number of Units Unit Cost Total Cost of Units Unit Cost Total Cost of Units Unit Cost Total Cost Beginning 900 50 V 45,000 Purchase 640 52 33,280 V 1,540 45.02 X 78,280: Sale 400 45.02 X 18,008 X 1,140 45.02 X 60,040: 350…
Required information Skip to question [The following information applies to the questions displayed below.]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 $ 870 $ 5,220 October 4 Sale 4 October 10 Purchase 5 880 4,400 October 13 Sale 3 October 20 Purchase 4 890 3,560 October 28 Sale 7 October 30 Purchase 7 900 6,300 $ 19,480 Required: 1. Calculate ending inventory and cost of goods sold at October 31, using the specific identification method. The October 4 sale consists of purses from beginning inventory, the October 13 sale consists of one purse from…
Required information Skip to question [The following information applies to the questions displayed below.]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 $ 870 $ 5,220 October 4 Sale 4 October 10 Purchase 5 880 4,400 October 13 Sale 3 October 20 Purchase 4 890 3,560 October 28 Sale 7 October 30 Purchase 7 900 6,300 $ 19,480 3. Using LIFO, calculate ending inventory and cost of goods sold at October 31.
Required information Skip to question [The following information applies to the questions displayed below.]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 $ 870 $ 5,220 October 4 Sale 4 October 10 Purchase 5 880 4,400 October 13 Sale 3 October 20 Purchase 4 890 3,560 October 28 Sale 7 October 30 Purchase 7 900 6,300 $ 19,480 4. Using weighted-average cost, calculate ending inventory and cost of goods sold at October 31. (Round your intermediate and final answers to 2 decimal places.)
Accounting Bonita Department Store uses a perpetual inventory system. Data for product E2-D2 include the following purchases. Date Number of Units Unit Cost May 7 45 $14 July 28 25 17 On June 1, Bonita sold 20 units, and on August 27, 40 more units. Prepare the perpetual inventory schedule for the above transactions using FIFO. Prepare the perpetual inventory schedule for the above transactions using LIFO. Prepare the perpetual inventory schedule for the above transactions using moving-average cost.
Required information Skip to question [The following information applies to the questions displayed below.]Sara's Boutique has the following transactions related to its top-selling Gucci purse for the month of October. Sara's Boutique uses a periodic inventory system. Date Transactions Units Unit Cost Total Cost October 1 Beginning inventory 6 $810 $4,860 October 4 Sale 4 October 10 Purchase 5 820 4,100 October 13 Sale 3 October 20 Purchase 4 830 3,320 October 28 Sale 7 October 30 Purchase 7 840 5,880 $18,160 2. Using FIFO, calculate ending inventory and cost of goods sold at October 31.
Required information Skip to question [The following information applies to the questions displayed below.]Sara's Boutique has the following transactions related to its top-selling Gucci purse for the month of October. Sara's Boutique uses a periodic inventory system. Date Transactions Units Unit Cost Total Cost October 1 Beginning inventory 6 $810 $4,860 October 4 Sale 4 October 10 Purchase 5 820 4,100 October 13 Sale 3 October 20 Purchase 4 830 3,320 October 28 Sale 7 October 30 Purchase 7 840 5,880 $18,160 4. Using weighted-average cost, calculate ending inventory and cost of goods sold at October 31. (Round your intermediate calculations to 4 decimal places and final answers to 2 decimal places.)