Required information [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. Date Transactions October 1 Beginning inventory October 4 October 10 October 13 October 20 October 28 October 30 Sale Purchaje Sale Ending inventory Cost of goods sold Purchase Sale Purchase Units Unit Cost 6 $860 4 5 3 4 7 870 880 890 Total Cost $5,160 4,350 3,520 5,340 $18,370 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 [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. Date Transactions October 1 Beginning inventory October 4 October 10 October 13 October 20 October 28 October 30 Sale Purchaje Sale Ending inventory Cost of goods sold Purchase Sale Purchase Units Unit Cost 6 $860 4 5 3 4 7 870 880 890 Total Cost $5,160 4,350 3,520 5,340 $18,370 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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Please dont provide solution in an image format thank you
![Required information
[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.
Date
October 1
October 4
October 10
October 13
October 20
October 28
October 30
Transactions
Beginning inventory
Sale
Purchaje
Sale
Ending inventory
Cost of goods sold
Purchase.
Sale
Purchase
Units Unit Cost
G
$860
4
5
4
870
880
890
Total Cost
55,160
4,350
3,520
5,340
$18,370
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%2Fd30b5c6a-e449-483f-a388-e07f05c1279b%2F44437e7c-e91d-490e-8b45-b907f2abf865%2Fa3y0ijt_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Required information
[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.
Date
October 1
October 4
October 10
October 13
October 20
October 28
October 30
Transactions
Beginning inventory
Sale
Purchaje
Sale
Ending inventory
Cost of goods sold
Purchase.
Sale
Purchase
Units Unit Cost
G
$860
4
5
4
870
880
890
Total Cost
55,160
4,350
3,520
5,340
$18,370
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
[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.
Date
October 1
October 4
October 10
October 13
October 20
October 28
October 30
Transactiona
Beginning inventory
Sale
Purchase
Sale
Purchase
Sale
Purchase
Ending inventory
Cost of goods sold
Unita
6
4
5
4
Unit Cost
$860
870
880
890
Total Cost
$5,160
4,350
3,520
5,340
$18,370
2. Using FIFO, calculate ending inventory and cost of goods sold at October 31.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd30b5c6a-e449-483f-a388-e07f05c1279b%2F44437e7c-e91d-490e-8b45-b907f2abf865%2F8xlb81_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Required information
[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.
Date
October 1
October 4
October 10
October 13
October 20
October 28
October 30
Transactiona
Beginning inventory
Sale
Purchase
Sale
Purchase
Sale
Purchase
Ending inventory
Cost of goods sold
Unita
6
4
5
4
Unit Cost
$860
870
880
890
Total Cost
$5,160
4,350
3,520
5,340
$18,370
2. Using FIFO, calculate ending inventory and cost of goods sold at October 31.
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