It is not 5140 for the cost of goods sold Required informationProblem 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.Unit Cost$ 700DateTransactionsUnitsTotal CostOctober 1Beginning inventorySale$ 4,2006.October 4October 104Purchase7103,550October 13SaleOctober 20Purchase4.7202,880October 28Sale7October 30Purchase87305,840$16,470Problem 6-1A 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 inventory$9Cost of goods sold2,070

In this Numerical has Covered the concept of Specific Identification method. Specific…

Required information 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 October Transactions Units Unit Cost Total Cost $ 700 $ 4,200 Beginning inventory Sale 6 October 4 4 October 10 Purchase 5 710 3,550 October 13 Sale Purchase October 20 4 720 2,880 Sale Purchase October 28 5,840 $16,470 October 30 730 Problem 6-1A 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 fi the October 10 purchase, and the October 28 sale consists of three purses from the October 10 purchase and four purses from th October 20 purchase. Ending inventory $ Cost of goods sold 2,070

Required information 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 October Transactions Units Unit Cost Total Cost $ 700 $ 4,200 Beginning inventory Sale 6 October 4 4 October 10 Purchase 5 710 3,550 October 13 Sale Purchase October 20 4 720 2,880 Sale Purchase October 28 5,840 $16,470 October 30 730 Problem 6-1A 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 fi the October 10 purchase, and the October 28 sale consists of three purses from the October 10 purchase and four purses from th October 20 purchase. Ending inventory $ Cost of goods sold 2,070

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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