Rahul Required InformationProblem 6-1A (Algo) Calculate ending inventory and cost of goods sold for four inventory methods(LO6-3)[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.DateOctober 1October 4October 10TransactionsBeginning inventoryUnits6Unit Cost$720Total Cost$4,320Sale4Purchase57303,650October 13Sale3October 20October 28October 30PurchaseSale47402,9607Purchase67504,500$15,430Problem 6-1A (Algo) Part 1Required:1. Calculate ending Inventory and cost of goods sold at October 31, using the specific Identification method. The October 4 saleconsists of purses from beginning Inventory, the October 13 sale consists of one purse from beginning Inventory and two purses fromthe October 10 purchase, and the October 28 sale consists of three purses from the October 10 purchase and four purses from theOctober 20 purchase.Ending inventoryCost of goods sold

Specific identification method is a method of inventory valuation in which specific inventory is…

Required Information Problem 6-1A (Algo) Calculate ending inventory and cost of goods sold for four inventory methods (LO6-3) [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 18 Transactions Beginning inventory Sale Purchase October 13 Sale October 20 Purchase October 28 Sale October 30 Purchase Units 6 Unit Cost Total Cost $720 $4,320 4 5 738 3,650 3 4 748 2,960 7 10 6 758 4,500 $15,430 Problem 6-1A (Algo) Part 1 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. Ending inventory Cost of goods sold

Required Information Problem 6-1A (Algo) Calculate ending inventory and cost of goods sold for four inventory methods (LO6-3) [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 18 Transactions Beginning inventory Sale Purchase October 13 Sale October 20 Purchase October 28 Sale October 30 Purchase Units 6 Unit Cost Total Cost $720 $4,320 4 5 738 3,650 3 4 748 2,960 7 10 6 758 4,500 $15,430 Problem 6-1A (Algo) Part 1 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. Ending inventory Cost of goods sold

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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