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 disployed 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 Transactions Units Unit Cost Total Cost $ 700 $ 4,200 October 1 Beginning imventory October 4 Sale October 10 October 13 Sale October 20 October 28 Sale October 30 Purchase 710 3, 550 Purchase 4 720 2,880 5,840 $16,470 Purchase 730 Problem 6-1A Part 1 Required: 1. Calculate ending inventory and cost of goods sold ot 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.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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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 disployed 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
Transactions
Units Unit Cost
Total Cost
$ 700
$ 4,200
October 1 Beginning imventory
October 4 Sale
October 10
October 13 Sale
October 20
October 28 Sale
October 30
Purchase
710
3, 550
Purchase
4
720
2,880
5,840
$16,470
Purchase
730
Problem 6-1A Part 1
Required:
1. Calculate ending inventory and cost of goods sold ot 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.
Transcribed Image Text: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 disployed 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 Transactions Units Unit Cost Total Cost $ 700 $ 4,200 October 1 Beginning imventory October 4 Sale October 10 October 13 Sale October 20 October 28 Sale October 30 Purchase 710 3, 550 Purchase 4 720 2,880 5,840 $16,470 Purchase 730 Problem 6-1A Part 1 Required: 1. Calculate ending inventory and cost of goods sold ot 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.
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