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 41 October 18 Transactions Beginning inventory Sale Purchase October 13 October 20 Sale Purchase October 28 Sale October 30 Purchase Units 6 Unit Cost Total Cost $720 $4,320 4 5 730 3,650 3 4 740 2,960 7 6 750 4,500 $15,430 Problem 6-1A (Algo) Part 3 3. Using LIFO, calculate ending Inventory and cost of goods sold at October 31. 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 41 October 18 Transactions Beginning inventory Sale Purchase October 13 October 20 Sale Purchase October 28 Sale October 30 Purchase Units 6 Unit Cost Total Cost $720 $4,320 4 5 730 3,650 3 4 740 2,960 7 6 750 4,500 $15,430 Problem 6-1A (Algo) Part 3 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
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 41
October 18
Transactions
Beginning inventory
Sale
Purchase
October 13
October 20
Sale
Purchase
October 28
Sale
October 30
Purchase
Units
6
Unit Cost
Total Cost
$720
$4,320
4
5
730
3,650
3
4
740
2,960
7
6
750
4,500
$15,430
Problem 6-1A (Algo) Part 3
3. Using LIFO, calculate ending Inventory and cost of goods sold at October 31.
Ending inventory
Cost of goods sold](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F103c5e8f-a799-49af-85b6-55adc719e78d%2F8fb33825-33fe-40b4-b914-53cdb0b25e60%2Fso21n5q_processed.png&w=3840&q=75)
Transcribed Image Text: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 41
October 18
Transactions
Beginning inventory
Sale
Purchase
October 13
October 20
Sale
Purchase
October 28
Sale
October 30
Purchase
Units
6
Unit Cost
Total Cost
$720
$4,320
4
5
730
3,650
3
4
740
2,960
7
6
750
4,500
$15,430
Problem 6-1A (Algo) Part 3
3. Using LIFO, calculate ending Inventory and cost of goods sold at October 31.
Ending inventory
Cost of goods sold
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