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Brianna's Boutique has the following transactions related to its top-selling Gucci purse for the month of October. Brianna's Boutique uses a periodic inventory system. Date October 1 Transactions Units Unit Cost Total Cost Beginning inventory 6 $800 $4,800 October 4 Sale 4 October 10 Purchase 5 810 4,050 October 13 Sale 3 October 20 Purchase 4 820 3,280 October 28 October 30 Sale 7 Purchase 6 830 4,980 $17,110 2. Using FIFO, calculate ending inventory and cost of goods sold at October 31. Ending inventory Cost of goods sold

Brianna's Boutique has the following transactions related to its top-selling Gucci purse for the month of October. Brianna's Boutique uses a periodic inventory system. Date October 1 Transactions Units Unit Cost Total Cost Beginning inventory 6 $800 $4,800 October 4 Sale 4 October 10 Purchase 5 810 4,050 October 13 Sale 3 October 20 Purchase 4 820 3,280 October 28 October 30 Sale 7 Purchase 6 830 4,980 $17,110 2. Using FIFO, calculate ending inventory and cost of goods sold at October 31. Ending inventory Cost of goods sold

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Brianna's Boutique has the following transactions related to its top-selling Gucci purse for the month of October. Brianna's Boutique uses a periodic inventory system. Date October 1 Transactions Beginning inventory October 4 Sale October 10 Purchase October 13 Sale October 20 Purchase October 28 Sale October 30 Purchase Units 6453476 Unit Cost $800 Total Cost $4,800 810 4,050 820 3,280 830 4,980 $17,110 2. Using FIFO, calculate ending inventory and cost of goods sold at October 31. Ending inventory Cost of goods sold
Transcribed Image Text:Brianna's Boutique has the following transactions related to its top-selling Gucci purse for the month of October. Brianna's Boutique uses a periodic inventory system. Date October 1 Transactions Beginning inventory October 4 Sale October 10 Purchase October 13 Sale October 20 Purchase October 28 Sale October 30 Purchase Units 6453476 Unit Cost $800 Total Cost $4,800 810 4,050 820 3,280 830 4,980 $17,110 2. Using FIFO, calculate ending inventory and cost of goods sold at October 31. Ending inventory Cost of goods sold
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