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.] 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 October 4 October 10 Transactions Beginning inventory Sale Purchase October 13 Sale October 20 Purchase October 28 Sale October 30 Purchase Units Unit Cost Total Cost 6 $800 $4,800 4 5 810 4,050 3 4 820 3,280 7 6 830 4,980 $17,110 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. Answer is complete but not entirely correct. Ending inventory $ 8,180x Cost of goods sold $ 10,550 x
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.] 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 October 4 October 10 Transactions Beginning inventory Sale Purchase October 13 Sale October 20 Purchase October 28 Sale October 30 Purchase Units Unit Cost Total Cost 6 $800 $4,800 4 5 810 4,050 3 4 820 3,280 7 6 830 4,980 $17,110 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. Answer is complete but not entirely correct. Ending inventory $ 8,180x Cost of goods sold $ 10,550 x
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.]
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
October 4
October 10
Transactions
Beginning inventory
Sale
Purchase
October 13
Sale
October 20
Purchase
October 28
Sale
October 30
Purchase
Units
Unit Cost
Total Cost
6
$800
$4,800
4
5
810
4,050
3
4
820
3,280
7
6
830
4,980
$17,110
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.
Answer is complete but not entirely correct.
Ending inventory
$
8,180x
Cost of goods sold
$
10,550 x](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F30d1dd6a-4fb0-4330-b140-f97a032c124b%2Face08e04-099f-4576-9377-f4e0642b1ab0%2F6ulmyzg_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.]
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
October 4
October 10
Transactions
Beginning inventory
Sale
Purchase
October 13
Sale
October 20
Purchase
October 28
Sale
October 30
Purchase
Units
Unit Cost
Total Cost
6
$800
$4,800
4
5
810
4,050
3
4
820
3,280
7
6
830
4,980
$17,110
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.
Answer is complete but not entirely correct.
Ending inventory
$
8,180x
Cost of goods sold
$
10,550 x
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