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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 Transactions October 1 Beginning inventory Units 6 Unit Cost Total Cost $760 $4,560 October 4 Sale 4 October 10 Purchase 5 770 3,850 October 13 Sale 3 October 20 Purchase 4 780 3,120 October 28 October 30 Sale 7 Purchase 8 790 6,320 $17,850 3. Using LIFO, calculate ending inventory and cost of goods sold at October 31. Ending inventory Cost of goods sold

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 Transactions October 1 Beginning inventory Units 6 Unit Cost Total Cost $760 $4,560 October 4 Sale 4 October 10 Purchase 5 770 3,850 October 13 Sale 3 October 20 Purchase 4 780 3,120 October 28 October 30 Sale 7 Purchase 8 790 6,320 $17,850 3. Using LIFO, calculate ending inventory and cost of goods sold at October 31. Ending inventory Cost of goods sold

FINANCIAL ACCOUNTING
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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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 Transactions October 1 Beginning inventory Units 6 Unit Cost Total Cost $760 $4,560 October 4 Sale 4 October 10 Purchase 5 770 3,850 October 13 October 20 Sale 3 Purchase 4 780 3,120 October 28 October 30 Sale 7 Purchase 8 790 6,320 $17,850 3. Using LIFO, calculate ending inventory and cost of goods sold at October 31. Ending inventory Cost of goods sold
Transcribed Image Text: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 Transactions October 1 Beginning inventory Units 6 Unit Cost Total Cost $760 $4,560 October 4 Sale 4 October 10 Purchase 5 770 3,850 October 13 October 20 Sale 3 Purchase 4 780 3,120 October 28 October 30 Sale 7 Purchase 8 790 6,320 $17,850 3. Using LIFO, calculate ending inventory and cost of goods sold at October 31. Ending inventory Cost of goods sold
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