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Answer:
Date Transactions Units Unit Cost Total Cost
October 1 Beginning inventory 6 $760 $4,560
October 4 Sale 4
2 $ 760 1520
October 10 Purchase 5 770 3,850
7 $ 767.14
October 13 Sale 3
4 767.14 3068.57
October 20 Purchase 4 780 3,120
October 28 Sale 7
1 773.57
October 30 Purchase 8 790 6,320
9 788.19 7093.57
Inventory Units 23 $17,850
Ending Units = 23- 14= 9 units
FIFO Ending Inventory = $ 7100
8 units at $790 = $ 632 0
1 unit at $780 = $ 780
LIFO Ending Inventory = 6870
6 units at $760 = $ 4560
3 units at $770 = $ 2310
Gross Profit Inventory = $ 17850/23 * 9= $ 6985
Moving Average Cost Inventory = 9* 788.19= $ 7093.57
FIFO Cost of Goods Sold= Total Units - Ending Inventory FIFO
= 17850-7100 = $ 16150
LIFO Cost of Goods Sold= Total Units - Ending Inventory LIFO
= 17850-6870= 10980
Gross Profit Cost of Goods Sold= Total Units - Ending Inventory Gross Profit
= 17850- 6986= 10864
Moving-average cost Cost of Goods Sold= Total Units - Ending Inventory=
= 17850-7093.57= 10756.43
To calculate the ending inventory and cost of goods sold for Sandra's Purse Boutique, these Four Inventory Methods are used.
Specific First-in, First- Last-in, First- Weighted-
Identification: out (FIFO): out (LIFO): Average:
Ending Inventory $7,090 $7,100 $7,090 $6,985
Cost of goods sold $10,760 $10,750 $10,760 $10,865
Data Analysis:
Date Description Units Unit Cost Total Cost
October 1 Beginning inventory 6 $760 $4,560
October 4 Sale -4
October 10 Purchase 5 770 3,850
October 13 Sale -3
October 20 Purchase 4 780 3,120
October 28 Sale -7
October 30 Purchase 8 790 6,320
Total 23 14 $17,850
Ending inventory = Beginning inventory + Purchases - Units sold
= 9 (23 - 14) units
Note: For specific identification, the ending inventory was part of units purchased on October 10 and October 30.
Specific Identification:
Ending inventory = $7,090 (1 x $770 + 8 x $790)
Cost of goods sold = Cost of goods available for sale - Ending Inventory
Cost of goods sold = $10,760 ($17,850 - $7,090)
First-in, First-out (FIFO):
Ending inventory = $7,100 (1 x $780 + 8 x $790)
Cost of goods sold = Cost of goods available for sale - Ending Inventory
Cost of goods sold = $10,750 ($17,850 - $7,100)
Last-in, First-out (LIFO):
Ending inventory = $7,090 (1 x $770 + 8 x $790)
Cost of goods sold = Cost of goods available for sale - Ending Inventory
Cost of goods sold = $10,760 ($17,850 - $7,090)
Weighted-Average:
Weighted average purchase price = Cost of goods available for sale/Total inventory
= $776 ($17,850/23)
Ending inventory = $6,985 ($776.09 x 9)
Cost of goods sold = $10,865 ($776.09 x 14)
Learn more about the four inventory costing methods at https://brainly.com/question/14121444 and https://brainly.com/question/24188235
