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 Units Unit Cost Total Cost Beginning inventory 6 $880 $5,280 October 4 Sale 4 October 10 Purchase 5 890 4,450 October 13 Sale 3 October 20 Purchase 4 900 3,600 October 28 October 30 Sale 7 Purchase 8 910 7,280 $20,610 Using FIFO, calculate ending inventory and cost of goods sold at October 31. 3 Answer is complete but not entirely correct. ding inventory $ 6,370x st of goods $ 14,280x d
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 Units Unit Cost Total Cost Beginning inventory 6 $880 $5,280 October 4 Sale 4 October 10 Purchase 5 890 4,450 October 13 Sale 3 October 20 Purchase 4 900 3,600 October 28 October 30 Sale 7 Purchase 8 910 7,280 $20,610 Using FIFO, calculate ending inventory and cost of goods sold at October 31. 3 Answer is complete but not entirely correct. ding inventory $ 6,370x st of goods $ 14,280x d
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
![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
October 4
Sale
October 10
Purchase
October 13
Sale
October 20
Purchase
October 28
October 30
Sale
Purchase
Units
6
Unit Cost
Total Cost
$880
$5,280
453478
890
4,450
900
3,600
910
7,280
$20,610
Using FIFO, calculate ending inventory and cost of goods sold at October 31.
Answer is complete but not entirely correct.
Ending inventory
$
6,370 x
Cost of goods
$
14,280 ×
old](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F1265f601-bdad-40fd-a47a-2ae0f32ae4ed%2Ff34f382b-9ce4-4a1f-9be4-f7205f1a0152%2Fjef43gp_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
Transactions
Beginning inventory
October 4
Sale
October 10
Purchase
October 13
Sale
October 20
Purchase
October 28
October 30
Sale
Purchase
Units
6
Unit Cost
Total Cost
$880
$5,280
453478
890
4,450
900
3,600
910
7,280
$20,610
Using FIFO, calculate ending inventory and cost of goods sold at October 31.
Answer is complete but not entirely correct.
Ending inventory
$
6,370 x
Cost of goods
$
14,280 ×
old
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