connect ACCOUNTING I6 Questions 10-13 (of 17) The following information applies
ID: 2427482 • Letter: C
Question
connect ACCOUNTING I6 Questions 10-13 (of 17) The following information applies to the questions displayed below. Sandra's Purse Boutique has the following transactions related to its top-selling Guccl purse for the month of October 2015. Sandra's Purse Boutique uses a periodic Inventory system. Cost per Transactions Units Unit Total Cost October 1 Beginning Inventory 6 $760 $4,560 October 4 October 1 Purchase October 13 Sale October 20 Purchase October 28 Sale October 30 Purchase Sale 770 780 8 790 3,850 3,120 6,320 $17,850 10.00 pointsExplanation / Answer
Transactions
Units
Cost per Unit
Total Cost
1-Oct
Beginning inventory
6
$760
$4,560
4-Oct
Sale
4
10-Oct
Purchase
5
770
$3,850
13-Oct
Sale
3
20-Oct
Purchase
4
780
$3,120
28-Oct
Sale
7
30-Oct
Purchase
8
790
$6,320
$17,850
Beginning inventory
10-Oct
20-Oct
30-Oct
Cost per Unit
5.00
17,850.00
DateTransactions
Units
Cost per Unit
Total Cost
1-Oct
Beginning inventory
6
$760
$4,560
4-Oct
Sale
4
10-Oct
Purchase
5
770
$3,850
13-Oct
Sale
3
20-Oct
Purchase
4
780
$3,120
28-Oct
Sale
7
30-Oct
Purchase
8
790
$6,320
$17,850
DetailBeginning inventory
10-Oct
20-Oct
30-Oct
TotalCost per Unit
760.00 770.00 780.00 790.00 Purchase Qty. 6.005.00
4.00 8.00 23.00 Sales Qty. (4.00) (2.00) (4.00) (10.00) Sales Qty. (1.00) (3.00) (4.00) Closing inventory qty 1.00 0.00 0.00 8.00 9.00 Ending Inventory in amount' 760.00 0.00 0.00 6320.00 1 Specification identification method Cost of Closing inventory (9 units) 760+6320 7,080.00 COGS (760*5+770*5+780*4) COGS 10,770.00 2 FIFO Cost of Closing inventory (9 units) 790*8+780*1 7,100.00 COGS 10,750.00 3 LIFO Cost of Closing inventory (9 units) 760*6+770*3 6,870.00 COGS 10,980.00 4 Weigtege Avg. Total Cost17,850.00
Total inventory 23.00 Cost per unit 776.09 COGS 14*776 10,864.00 Closing inventory 6,984.00Related Questions
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.