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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