Required information[The following information applies to the questions displayed below.]Sandra's Purse Boutique has the following transactions related to its top-selling Gucci purse for the month of October.Sandra's Purse Boutique uses a periodic inventory system.Unit CostTotal CostUnits6DateTransactionsOctober 1October 4$ 5,400Beginning inventorySalePurchaseSalePurchaseSale$9004October 10October 13October 20October 2859104,550349203,68076,510$20,140October 30Purchase7930Required:1. Calculate ending inventory and cost of goods sold at October 31, using the specific identification method. The October 4 saleconsists of purses from beginning inventory, the October 13 sale consists of one purse from beginning inventory and two purses fromthe October 10 purchase, and the October 28 sale consists of three purses from the October 10 purchase and four purses from theOctober 20 purchase.Ending inventoryCost of goods sold

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Description: Required information[The following information applies to the questions displayed below.]Sandra's Purse Boutique has the following transactions related to its top-selling Gucci purse for the month of October.Sandra's Purse Boutique uses a periodic i

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Required information [The following information applies to the questions displayed below.] Sandra's Purse Boutique has the following transactions related to its top-selling Gucci purse for the month of October. Sandra's Purse Boutique uses a periodic inventory system. Total Cost Date October 1 October 4 October 10 October 13 October 20 October 28 October 30 Transactions Units 6 4 Unit Cost $ 5,400 Beginning inventory Sale Purchase Sale Purchase Sale Purchase $900 910 4,550 3 4 920 3,680 7 6,510 $20,140 7 930 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. Ending inventory Cost of goods sold

Required information [The following information applies to the questions displayed below.] Sandra's Purse Boutique has the following transactions related to its top-selling Gucci purse for the month of October. Sandra's Purse Boutique uses a periodic inventory system. Total Cost Date October 1 October 4 October 10 October 13 October 20 October 28 October 30 Transactions Units 6 4 Unit Cost $ 5,400 Beginning inventory Sale Purchase Sale Purchase Sale Purchase $900 910 4,550 3 4 920 3,680 7 6,510 $20,140 7 930 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. Ending inventory Cost of goods sold

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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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 October 1 Beginning inventory October 4 Sale October 10 Purchase Sale October 13 October 20 October 28 October 30 Purchase Sale Purchase Units Unit Cost 6 $760 770 780 453478 5 4 790 Total Cost $4,560 3,850 3,120 6,320 $17,850 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.
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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 4. Using weighted-average cost, calculate ending inventory and cost of goods sold at October 31. (Round your intermediate calculations to 4 decimal places and final answers to 2 decimal places.)
Required information [The following information applies to the questions displayed below.] Cody's Fishing Hole has the following transactions related to its top-selling Shimano fishing reel for the month of June. Cody's Fishing Hole uses a periodic inventory system. Date June 11 June 7 June 12 June 15 June 241 June 27 June 29 Transactions Beginning inventory Sale Purchase Ending inventory Cost of goods sold Sale Purchase Sale Purchase Units Unit Cost $310 16 11 300 290 10 12 10 8 10 280 Total Cost $4,960 3,000 2,900 2,800 $13,660 Required: 1. Calculate ending inventory and cost of goods sold at June 30, using the specific identification method. The June 7 sale consists of fishing reels from beginning inventory, the June 15 sale consists of three fishing reels from beginning inventory and nine fishing reels from the June 12 purchase, and the June 27 sale consists of one fishing reel from beginning inventory and seven fishing reels from the June 24 purchase.
! Required information [The following information applies to the questions displayed below.] Sandra's Purse Boutique has the following transactions related to its top-selling Gucci purse for the month of October. Sandra's Purse 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 Purchase Sale Purchase Sale Purchase Ending inventory Cost of goods sold Units Unit Cost 6 $ 890 4 5 3 4 7 6 900 910 920 Total Cost $5,340 4,500 3,640 5,520 $19,000 Using FIFO, calculate ending inventory and cost of goods sold at October 31.
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Required information [The following information applies to the questions displayed below.] Sandra's Purse Boutique has the following transactions related to its top-selling Gucci purse for the month of October. Sandra's Purse Boutique uses a periodic inventory system. Date October 1 October 4 October 10 Transactions Beginning inventory Sale Purchase Sale Purchase Sale October 13 October 20 October 28 October 30 Purchase Ending inventory Cost of goods sold Units 6 4 5 3 4 7 8 Unit Cost $ 820 830 840 850 Total Cost $ 4,920 4,150 3,360 6,800 $19,230 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.
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! Required information [The following information applies to the questions displayed below.] Sandra's Purse Boutique has the following transactions related to its top-selling Gucci purse for the month of October. Sandra's Purse Boutique uses a periodic inventory system. Date October 1 October 4 October 10 Transactions Beginning inventory Sale Purchase Sale Purchase October 13 October 20 October 28 Sale October 30 Purchase Ending inventory Cost of goods sold Units 6 4 5 3 4 7 8 Unit Cost $ 820 830 840 850 Total Cost $ 4,920 4,150 3,360 6,800 $19, 230 3. Using LIFO, calculate ending inventory and cost of goods sold at October 31.
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