Required informationSkip 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. Brianna's Boutique uses a periodic inventory system. DateTransactionsUnitsUnit CostTotal CostOctober 1Beginning inventory6$830$4,980October 4Sale4 October 10Purchase58404,200October 13Sale3 October 20Purchase48503,400October 28Sale7 October 30Purchase68605,160 $17,740 2. Using FIFO, calculate ending inventory and cost of goods sold at October 31.

The FIFO (First-In, First-Out) method of inventory valuation assumes that the first goods purchased…

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Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 7MCQ

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Brianna's Boutique has the following transactions related to its top-selling Gucci purse for the month of October. Brianna's Boutique uses a periodic inventory system.

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