Required information Skip to question [The following information applies to the questions displayed below.]Sara's Boutique has the following transactions related to its top-selling Gucci purse for the month of October. Sara's Boutique uses a periodic inventory system. Date Transactions Units Unit Cost Total Cost October 1 Beginning inventory 6 $810 $4,860 October 4 Sale 4 October 10 Purchase 5 820 4,100 October 13 Sale 3 October 20 Purchase 4 830 3,320 October 28 Sale 7 October 30 Purchase 7 840 5,880 $18,160 2. Using FIFO, calculate ending inventory and cost of goods sold at October 31.
Required information Skip to question [The following information applies to the questions displayed below.]Sara's Boutique has the following transactions related to its top-selling Gucci purse for the month of October. Sara's Boutique uses a periodic inventory system. Date Transactions Units Unit Cost Total Cost October 1 Beginning inventory 6 $810 $4,860 October 4 Sale 4 October 10 Purchase 5 820 4,100 October 13 Sale 3 October 20 Purchase 4 830 3,320 October 28 Sale 7 October 30 Purchase 7 840 5,880 $18,160 2. Using FIFO, calculate ending inventory and cost of goods sold at October 31.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Skip to question
[The following information applies to the questions displayed below.]
Sara's Boutique has the following transactions related to its top-selling Gucci purse for the month of October. Sara's Boutique uses a periodic inventory system.
| Date | Transactions | Units | Unit Cost | Total Cost |
|---|---|---|---|---|
| October 1 | Beginning inventory | 6 | $810 | $4,860 |
| October 4 | Sale | 4 | ||
| October 10 | Purchase | 5 | 820 | 4,100 |
| October 13 | Sale | 3 | ||
| October 20 | Purchase | 4 | 830 | 3,320 |
| October 28 | Sale | 7 | ||
| October 30 | Purchase | 7 | 840 | 5,880 |
| $18,160 |
2. Using FIFO, calculate ending inventory and cost of goods sold at October 31.
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