Required information Problem 6-1A (Algo) Calculate ending inventory and cost of goods sold for four inventory methods (L 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 Transactions Units Beginning inventory 6 Unit Cost $850 Total Cost $5,100 Sale October 10 Purchase 5 860 4,300 October 13 Sale October 20 Purchase 4 870 3,480 October 28 Sale 7 October 30 Purchase 8 880 7,040 $19,920 Problem 6-1A (Algo) Part 3 3. Using LIFO, calculate ending inventory and cost of goods sold at October 31. Ending inventory 5960 Cost of goods sold $ 13,960
Required information Problem 6-1A (Algo) Calculate ending inventory and cost of goods sold for four inventory methods (L 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 Transactions Units Beginning inventory 6 Unit Cost $850 Total Cost $5,100 Sale October 10 Purchase 5 860 4,300 October 13 Sale October 20 Purchase 4 870 3,480 October 28 Sale 7 October 30 Purchase 8 880 7,040 $19,920 Problem 6-1A (Algo) Part 3 3. Using LIFO, calculate ending inventory and cost of goods sold at October 31. Ending inventory 5960 Cost of goods sold $ 13,960
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 (L
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
Transactions
Units
Beginning inventory
6
Unit Cost
$850
Total Cost
$5,100
Sale
October 10
Purchase
5
860
4,300
October 13
Sale
October 20
Purchase
4
870
3,480
October 28
Sale
7
October 30
Purchase
8
880
7,040
$19,920
Problem 6-1A (Algo) Part 3
3. Using LIFO, calculate ending inventory and cost of goods sold at October 31.
Ending inventory
5960
Cost of goods sold
$
13,960](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F86405129-413a-448f-a172-250d96fb8992%2Ffecd163b-339c-439e-b97f-9e87d0618293%2F775ibmno_processed.jpeg&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 (L
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
Transactions
Units
Beginning inventory
6
Unit Cost
$850
Total Cost
$5,100
Sale
October 10
Purchase
5
860
4,300
October 13
Sale
October 20
Purchase
4
870
3,480
October 28
Sale
7
October 30
Purchase
8
880
7,040
$19,920
Problem 6-1A (Algo) Part 3
3. Using LIFO, calculate ending inventory and cost of goods sold at October 31.
Ending inventory
5960
Cost of goods sold
$
13,960
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