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

Question

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.

olliver · Answer

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 · Answer

another wrong category homework CHEATER.

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

2 Answers