! Required Information [The following information applies to the questions displayed below.] Alexandra's Boutique has the following transactions related to Its top-selling Gucci purse for the month of October. Alexandra's Boutique uses a periodic inventory system. Date October 1 Transactions Beginning inventory Units 6 Unit Cost Total Cost $780 $4,680 October 4 Sale 4 October 10 Purchase 5 790 3,950 October 13 Sale 3 October 20 Purchase 4 800 3,200 October 28 October 30 Sale 7 Purchase 6 810 4,860 $16,690 3. Using LIFO, calculate ending inventory and cost of goods sold at October 31. Ending inventory Cost of goods sold
! Required Information [The following information applies to the questions displayed below.] Alexandra's Boutique has the following transactions related to Its top-selling Gucci purse for the month of October. Alexandra's Boutique uses a periodic inventory system. Date October 1 Transactions Beginning inventory Units 6 Unit Cost Total Cost $780 $4,680 October 4 Sale 4 October 10 Purchase 5 790 3,950 October 13 Sale 3 October 20 Purchase 4 800 3,200 October 28 October 30 Sale 7 Purchase 6 810 4,860 $16,690 3. Using LIFO, calculate ending inventory and cost of goods sold at October 31. Ending inventory Cost of goods sold
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Vinu Bhai
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Required Information
[The following information applies to the questions displayed below.]
Alexandra's Boutique has the following transactions related to its top-selling Gucci purse for the month of October.
Alexandra's Boutique uses a periodic inventory system.
Date
October 1
October 4
October 10
Transactions
Beginning inventory
Units
6
Unit Cost
Total Cost
$780
$4,680
Sale
4
Purchase
5
790
3,950
October 13
Sale
3
October 20
Purchase
4
800
3,200
October 28
Sale
7
October 30
Purchase
6
810
4,860
$16,690
3. Using LIFO, calculate ending inventory and cost of goods sold at October 31.
Ending inventory
Cost of goods sold](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd58da09a-42e9-4d03-b859-26a34b97695e%2Fdfed6a5b-afde-40ba-b0cc-2253ad19e64e%2Fukhnwz5_processed.jpeg&w=3840&q=75)
Transcribed Image Text:!
Required Information
[The following information applies to the questions displayed below.]
Alexandra's Boutique has the following transactions related to its top-selling Gucci purse for the month of October.
Alexandra's Boutique uses a periodic inventory system.
Date
October 1
October 4
October 10
Transactions
Beginning inventory
Units
6
Unit Cost
Total Cost
$780
$4,680
Sale
4
Purchase
5
790
3,950
October 13
Sale
3
October 20
Purchase
4
800
3,200
October 28
Sale
7
October 30
Purchase
6
810
4,860
$16,690
3. Using LIFO, calculate ending inventory and cost of goods sold at October 31.
Ending inventory
Cost of goods sold
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