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.TransactionsBeginning inventorySalePurchaseSalePurchaseSaleDateOctober 1October 4Units Unit Cost6.4Total Cost$ 4,560$760October 10October 13October 20October 28October 307703,850477803,120Purchase7906,320$17,850Problem 6-1A Part 22. Using FIFO, calculate ending inventory and cost of goods sold at October 31.Ending inventoryCost of goods sold< Prev345of 5Next >

Name: Required informationProblem 6-1A Calculate ending inventory and cost
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Description: 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

Lets understand the basics. in FIFO basis company assumes that, goods comes first in the inventory…

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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 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. Transactions Units Unit Cost Total Cost 6 4 Date October 1 October 4 October 10 October 13 October 20 October 28 October 30 $ 4,560 Beginning inventory Sale Purchase Sale $760 770 3,850 780 Purchase Sale Purchase 3,120 6,320 $17,850 790 Problem 6-1A Part 2 2. Using FIFO, calculate ending inventory and cost of goods sold at October 31. Ending inventory Cost of goods sold

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. Transactions Units Unit Cost Total Cost 6 4 Date October 1 October 4 October 10 October 13 October 20 October 28 October 30 $ 4,560 Beginning inventory Sale Purchase Sale $760 770 3,850 780 Purchase Sale Purchase 3,120 6,320 $17,850 790 Problem 6-1A Part 2 2. Using FIFO, calculate ending inventory and cost of goods sold at October 31. Ending inventory Cost of goods sold

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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Problem 6 - 2A (Algo) Calculate ending inventory, cost of goods sold, sales revenue, and gross profit for four inventory methods (LO6-3, 6-4, 6-5) Ariana Bicycle Shop has the following transactions related to its top-selling Mongoose mountain bike for the month of March. Ariana Bicycle Shop uses a periodic inventory system. Date Transactions Units Unit Cost Total Cost March 1 Beginning inventory 20 $235 $4,700 March 5 Sale ($370 each) 15 March 9 Purchase 10 255 2,550 March 17 Sale ($420 each) 8 March 22 Purchase 10 265 2,650 March 27 Sale ($445 each) 12 March 30 Purchase 9 285 2, 565 $12, 465 For the specific identification method, the March 5 sale consists of bikes from beginning inventory, the March 17 sale consists of bikes from the March 9 purchase, and the March 27 sale consists of four bikes from beginning inventory and eight bikes from the March 22 purchase. Required: 1. Calculate ending inventory and cost of goods sold at March 31, using the specific identification method. 2.…
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urrent ALLE empt mFIogress Flint Corporation uses a perpetual inventory system reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 120 $6 $720 12 Purchases 360 2,520 23 Purchases 240 1,920 30 Inventory 250 I Calculate the average cost per unit, using a perpetual inventory system. Assume a sale of 420 units occurred on June 15 for a selling price of $9 and a sale of 50 units on June 27 for $10. (Round answers to 3 decimal places, e.g. 5.125.) June 1 %24 June 12 $ June 15 $ 7:59 acer 7.
find cost of goods sold ending inventory and gross margin using FIFO and weighted average Kindly answer in text with all workings
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Question 3 Use the following information for question 3 (i) and (ii). (i) Beacon Factory, Inc. uses a perpetual inventory system. The company's beginning inventory and purchases of a particular product during the month of May were as follows: Quantity Unit Cost ($) Beginning inventory (1 May) 32 5 Purchases (11 May.) 46 7.5 Purchase (25 May.) 28 6 On 24 May, Beacon Factory, Inc. sold 50 units of this product. The other units remained in inventory at 3 1 May. (i) Refer to the above data. Assuming that Beacon Factory uses the FIFO flow assumption, the ending inventory at 31 May is: A: $268. B: $295. C: $378. D: $405. (ii) Refer to the above data. Assuming that Beacon Factory uses the weighted average cost flow assumption, the cost of goods sold to be recorded at 24 May is: A: $323. B: $308. C: $273 D: $347.
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