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: -

Name: kk.2 ---## Inventory Management Case Study### Sandra's Purse Boutique:
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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

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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