Calculate ending inventory and cost of goods sold for four inventory methods. 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 $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

$17,850

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