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.DateTransactionsOctober 11 Beginning inventoryOctober 4October 10October 13:October 201October 28October 30SalePurchaseSalePurchaseSalePurchaseEnding inventoryCost of goods soldUnits Unit Cost6$ 840453477850860870Total Cost$ 5,0404,2503,4406,090$ 18,8202. Using FIFO, calculate ending inventory and cost of goods sold at October 31.

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Description: 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.DateTransactionsOctober 11 Beginning inventoryOct

Perpetual Inventory System :- Perpetual Inventory System system is an inventory management system it…

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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 Transactions October 1 Beginning inventory October 4 October 10 October 13 October 20 October 28 October 30 Sale Purchase Sale Purchase Sale Purchase Units Unit Cost 6 $ 840 4 3 4 7 7 850 860 870 Total Cost $ 5,040 4,250 3,440 6,090 $ 18,820 2. Using FIFO, calculate ending inventory and cost of goods sold at October 31.

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 Transactions October 1 Beginning inventory October 4 October 10 October 13 October 20 October 28 October 30 Sale Purchase Sale Purchase Sale Purchase Units Unit Cost 6 $ 840 4 3 4 7 7 850 860 870 Total Cost $ 5,040 4,250 3,440 6,090 $ 18,820 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

Problem 1Q

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Shown below is the activity for one of the products of Random Creations: January 1 balance, 80 units @ $50 $4,000 Purchases: January 18: January 28: Sales: 40 units @ $51 40 units @ $52 January 12: January 22: January 31: 30 units 30 units 45 units Required: Compute the January 31 ending inventory and cost of goods sold for January, assuming Random Creations uses LIFO and a periodic inventory system. 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. Cost per Unit $730 Date Transactions Units Total Cost October 1 $ 4,380 Beginning inventory Sale Purchase 6 October 4 4 October 10 740 3,700 October 13 Sale 3 October 20 Purchase 4 750 3,000 October 28 Sale 7 October 30 Purchase 8 760 6,080 $17,160 3. Using LIFO, calculate ending inventory and cost of goods sold at October 31. Ending inventory Cost of goods sold
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Denise’s Boutique uses the perpetual inventory method for its wristlet purses. It has provided the following inventory information for October: Oct. 1 On hand, 40 units @ $20 each $ 800Oct. 8 Purchased 200 units @ $21 each 4,200Oct. 14 Sold 190 units @ $50 each 9,500Oct. 19 Purchased 100 units @ $27 each 2,700Oct. 28 Sold 120 units @ $50 each 6,000 Denise’s Boutique has a 30% effective income tax rate. A. How much is the cost of ending inventory at October 31 and the cost of goods sold for Octoberusing FIFO?B. How much is the cost of ending inventory at October 31 and the cost of goods sold for Octoberusing LIFO?C. How much will Denise’s Boutique save in income taxes if it uses LIFO?D. Calculate Denise’s Boutique’s inventory-on-hand period under both LIFO and FIFO.
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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 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
Sandra’s Purse Boutique has the following transactions related to its top-selling Gucci purse for the month of October. Date Transactions Units Unit Cost Total Cost October 1 October 4 October 10 October 13 October 20 October 28 October 30 Beginning inventory Sale Purchase Sale Purchase Sale Purchase 6 4 5 3 4 7 7 $900 910 920 930 $ 5,400 4,550 3,680 6,510 $20,140 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. 2. Using FIFO, calculate ending inventory and cost of goods sold at October 31. 3. Using LIFO, calculate ending inventory and cost of goods sold at October 31. 4. Using…
Figure out what the Cost of Goods Sold is for the order placed for FIFO LIFO and Weighted Average Cost (Average Cost) Using the information below. Jacob's Footwear Inc. For the Month Ended January 31, 2022 Month Description Units Unit Cost Total Cost Jan. 1 - Beginning Inventory 300 $9 $2,700 Jan. 10 - Purchase 100 $8 $800 Jan. 15 - Purchase 200 $12 $2,400 Jan. 20 - Purchase 150 $11 $1,650 Jan. 25 - Purchase 250 $12 $3,000 Total 1,000 $10,550 The amount of units still left on-hand is 375. less
Kingbird Company sells discounted shoes to the fashion-oriented consumer. The following schedule relates to the company's inventory for the month of March: March 1 (a) 7 8 15 20 ii. 25 27 Beginning inventory Purchase Purchase Sale Sale Purchase Sale i. FIFO 3,120 units 1,040 units Weighted-average 1,560 units $ 3,640 units 728 units 520 units 1,248 units Kingbird Company uses the perpetual inventory system. Cost $92,040 41,600 78,000 15,496 Calculate Kingbird Company's cost of goods sold, gross margin, and ending inventory using: i. FIFO ii. Weighted-average (Round calculations for cost per unit to 2 decimal places, e.g. 10.52 and final answers to O decimal places, e.g. 61,052.) $327,600 Cost of Goods Sold Sales $ 54,600 tA 74,880 Gross Margin $ Ending Inventory