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 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 6 4 5 3 4 7 8 Unit Cost $760 770 780 790 Total Cost $4,560 3,850 3,120 6,320 $17,850 3. Using LIFO, calculate ending inventory and cost of goods sold at October 31.

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 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 6 4 5 3 4 7 8 Unit Cost $760 770 780 790 Total Cost $4,560 3,850 3,120 6,320 $17,850 3. Using LIFO, calculate ending inventory and cost of goods sold at October 31.

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Description: Sara's Boutique has the following transactions related to its top-selling Gucci purse for the month of October. Sara'sBoutique uses a periodic inventory system.DateOctober 1October 4October 10October 13October 20October 28October 30TransactionsBegin

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter7: Inventories: Cost Measurement And Flow Assumptions

Section: Chapter Questions

Problem 10RE: Jessie Stores uses the periodic system of calculating inventory. The following information is...

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