! Required information [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. 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 $ 790 6 453478 800 810 820 Total Cost $4,740 4,000 3,240 6,560 $ 18,540 2. Using FIFO, calculate ending inventory and cost of goods sold at October 31.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Required information
[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.
Date
October 1
October 4
October 10
October 13 Sale
October 20
October 28 Sale
October 30
Transactions
Beginning inventory
Sale
Purchase
Ending inventory
Cost of goods sold
Purchase
Purchase
Units
6
4
5
00 - A WU
3
4
7
8
Unit Cost
$ 790
800
810
820
Total Cost
$ 4,740
4,000
3,240
6,560
$ 18,540
2. Using FIFO, calculate ending inventory and cost of goods sold at October 31.
Transcribed Image Text:! Required information [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. Date October 1 October 4 October 10 October 13 Sale October 20 October 28 Sale October 30 Transactions Beginning inventory Sale Purchase Ending inventory Cost of goods sold Purchase Purchase Units 6 4 5 00 - A WU 3 4 7 8 Unit Cost $ 790 800 810 820 Total Cost $ 4,740 4,000 3,240 6,560 $ 18,540 2. Using FIFO, calculate ending inventory and cost of goods sold at October 31.
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