Required information Skip to question [The following information applies to the questions displayed below.] Brianna's Boutique has the following transactions related to its top-selling Gucci purse for the month of October. Date Transactions Units Unit Cost Total Cost October 1 Beginning inventory 6 $ 830 $ 4,980 October 4 Sale 4 October 10 Purchase 5 840 4,200 October 13 Sale 3 October 20 Purchase 4 850 3,400 October 28 Sale 7 October 30 Purchase 6 860 5, 160 $ 17,740 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 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.
Required information Skip to question [The following information applies to the questions displayed below.] Brianna's Boutique has the following transactions related to its top-selling Gucci purse for the month of October. Date Transactions Units Unit Cost Total Cost October 1 Beginning inventory 6 $ 830 $ 4,980 October 4 Sale 4 October 10 Purchase 5 840 4,200 October 13 Sale 3 October 20 Purchase 4 850 3,400 October 28 Sale 7 October 30 Purchase 6 860 5, 160 $ 17,740 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 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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![Required information
Skip to question
[The following information applies to the questions displayed below.]
Brianna's Boutique has the following transactions related to its top-selling Gucci purse for the month of
October.
Date Transactions Units Unit Cost Total Cost
October 1 Beginning inventory 6 $ 830 $ 4,980
October 4 Sale 4
October 10 Purchase 5 840 4,200
October 13 Sale 3
October 20 Purchase 4 850 3,400
October 28 Sale 7
October 30 Purchase 6 860 5, 160
$ 17,740
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 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.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Feb469bf0-f57c-4d75-9f18-54ac11e62c4a%2Fbf971f4a-eadf-4aa5-910c-a07f2e83075c%2F93rjvqb_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Required information
Skip to question
[The following information applies to the questions displayed below.]
Brianna's Boutique has the following transactions related to its top-selling Gucci purse for the month of
October.
Date Transactions Units Unit Cost Total Cost
October 1 Beginning inventory 6 $ 830 $ 4,980
October 4 Sale 4
October 10 Purchase 5 840 4,200
October 13 Sale 3
October 20 Purchase 4 850 3,400
October 28 Sale 7
October 30 Purchase 6 860 5, 160
$ 17,740
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 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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