Problem 6-1A Calculate ending inventory and cost of goods sold for four inventory methods (LO6-3) [The following information applies to the questions displayed below.] 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 October 1 Beginning inventory October 4 Sale October 10 October 13 October 20 October 28 October 30 Purchase Sale Purchase Sale Purchase Problem 6-1A Part 1 Units Unit Cost 6 $760 4 53375 4 8 770 780 790 Total Cost $4,560 3,850 3,120 6,320 $17,850 Required: 1. Calculate ending inventory and cost of goods sold at October 31, using the specific identification method. The October 4 sale consists of purses from beginning inventory, the October 13 sale consists of one purse from beginning inventory and two purses from the October 10 purchase, and the October 28 sale consists of three purses from the October 10 purchase and four purses from the October 20 purchase.

Problem 6-1A Calculate ending inventory and cost of goods sold for four inventory methods (LO6-3) [The following information applies to the questions displayed below.] 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 October 1 Beginning inventory October 4 Sale October 10 October 13 October 20 October 28 October 30 Purchase Sale Purchase Sale Purchase Problem 6-1A Part 1 Units Unit Cost 6 $760 4 53375 4 8 770 780 790 Total Cost $4,560 3,850 3,120 6,320 $17,850 Required: 1. Calculate ending inventory and cost of goods sold at October 31, using the specific identification method. The October 4 sale consists of purses from beginning inventory, the October 13 sale consists of one purse from beginning inventory and two purses from the October 10 purchase, and the October 28 sale consists of three purses from the October 10 purchase and four purses from the October 20 purchase.

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Description: Please do not give solution and formulae in image format..thanku Problem 6-1A Calculate ending inventory and cost of goods sold for four inventory methods (LO6-3)[The following information applies to the questions displayed below.]Sandra's Purse Bout

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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