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 Transactions Units Unit Cost Total Cost October 1 Beginning inventory 6 $ 740 $ 4,440 October 4 Sale 4 October 10 Purchase 5 750 3,750 October 13 Sale 3 October 20 Purchase 4 760 3,040 October 28 Sale 7 October 30 Purchase 7 770 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 Transactions Units Unit Cost Total Cost October 1 Beginning inventory 6 $ 740 $ 4,440 October 4 Sale 4 October 10 Purchase 5 750 3,750 October 13 Sale 3 October 20 Purchase 4 760 3,040 October 28 Sale 7 October 30 Purchase 7 770 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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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 | Transactions | Units | Unit Cost | Total Cost | ||||||||||||
| October | 1 | Beginning inventory | 6 | $ | 740 | $ | 4,440 | |||||||||
| October | 4 | Sale | 4 | |||||||||||||
| October | 10 | Purchase | 5 | 750 | 3,750 | |||||||||||
| October | 13 | Sale | 3 | |||||||||||||
| October | 20 | Purchase | 4 | 760 | 3,040 | |||||||||||
| October | 28 | Sale | 7 | |||||||||||||
| October | 30 | Purchase | 7 | 770 | 5,390 | |||||||||||
| $ | 16,620 | |||||||||||||||
3. Using LIFO, calculate ending inventory and cost of goods sold at October 31.
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