3. Using LIFO, calculate ending inventory and cost of goods sold at October 31, Ending inventory Cost of goods sold
3. Using LIFO, calculate ending inventory and cost of goods sold at October 31, Ending inventory Cost of goods sold
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![Required information.
[The following information applies to the questions displayed below.]
Alexandra's Boutique has the following transactions related to its top-selling Gucci purse for the month of October.
Alexandra's Boutique uses a periodic inventory system.
Date
October 1
October 4
October 10
October 13
October 201
October 28
October 30
Transactions
Beginning inventory
Sale
Purchase.
Sale
Purchase
Sale
Purchase
Ending inventory
Cost of goods sold
Units
6
5
3
4
Unit Cost
$780
790
800
810
Total Cost
$4,680
3,950
3,200
4,860
$16,690
3. Using LIFO, calculate ending inventory and cost of goods sold at October 31.
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Transcribed Image Text:Required information.
[The following information applies to the questions displayed below.]
Alexandra's Boutique has the following transactions related to its top-selling Gucci purse for the month of October.
Alexandra's Boutique uses a periodic inventory system.
Date
October 1
October 4
October 10
October 13
October 201
October 28
October 30
Transactions
Beginning inventory
Sale
Purchase.
Sale
Purchase
Sale
Purchase
Ending inventory
Cost of goods sold
Units
6
5
3
4
Unit Cost
$780
790
800
810
Total Cost
$4,680
3,950
3,200
4,860
$16,690
3. Using LIFO, calculate ending inventory and cost of goods sold at October 31.
F
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