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 Units Unit Cost Total Cost October 1 Beginning Inventory 6 $900 $5,400 October 4 Sale 4 October 10 Purchase 5 $910 $4,550 October 13 Sale 3 October 20 Purchase 4 $920 $3,680 October 28 Sale 7 October 30 Purchase 7 $930 $6,510 $20,140 3. Using LIFO, calculate ending inventory and cost of goods sold at October 31.
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 Units Unit Cost Total Cost October 1 Beginning Inventory 6 $900 $5,400 October 4 Sale 4 October 10 Purchase 5 $910 $4,550 October 13 Sale 3 October 20 Purchase 4 $920 $3,680 October 28 Sale 7 October 30 Purchase 7 $930 $6,510 $20,140 3. Using LIFO, calculate ending inventory and cost of goods sold at October 31.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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 | Units | Unit Cost | Total Cost |
| October 1 | Beginning Inventory | 6 | $900 | $5,400 |
| October 4 | Sale | 4 | ||
| October 10 | Purchase | 5 | $910 | $4,550 |
| October 13 | Sale | 3 | ||
| October 20 | Purchase | 4 | $920 | $3,680 |
| October 28 | Sale | 7 | ||
| October 30 | Purchase | 7 | $930 | $6,510 |
| $20,140 |
3. Using LIFO, calculate ending inventory and cost of goods sold at October 31.
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