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 Sale October 30 Transactions Beginning inventory Sale Purchase Sale Purchase Ending inventory Cost of goods sold Purchase Units Unit Cost 6 $740 750 760 770 6453477 Total Cost $ 4,440 3,750 3,040 5,390 $16,620 3. Using LIFO, calculate ending inventory and cost of goods sold at October 31.
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 Sale October 30 Transactions Beginning inventory Sale Purchase Sale Purchase Ending inventory Cost of goods sold Purchase Units Unit Cost 6 $740 750 760 770 6453477 Total Cost $ 4,440 3,750 3,040 5,390 $16,620 3. Using LIFO, calculate ending inventory and cost of goods sold at October 31.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Subject-accounting
![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
October 13
October 20
October 28
October 30 Purchase
Ending inventory
Cost of goods sold
Purchase
Sale
Units Unit Cost
6
$740
4
5
5
3
4
7
7
750
760
770
Total Cost
$ 4,440
3,750
3,040
5,390
$16,620
3. Using LIFO, calculate ending inventory and cost of goods sold at October 31.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ff7373726-0d35-46ca-aa27-97bcf9126f3a%2F64f7f55a-551c-43be-b4d8-0eefe817caa0%2Fzad8mym_processed.jpeg&w=3840&q=75)
Transcribed Image Text: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
October 13
October 20
October 28
October 30 Purchase
Ending inventory
Cost of goods sold
Purchase
Sale
Units Unit Cost
6
$740
4
5
5
3
4
7
7
750
760
770
Total Cost
$ 4,440
3,750
3,040
5,390
$16,620
3. Using LIFO, calculate ending inventory and cost of goods sold at October 31.
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