[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 Units 6 Unit Cost Total Cost $720 $4,320 October 4 Sale 4 October 10 Purchase 5 730 3,650 October 13 Sale 3 October 20 Purchase 4 740 2,960 October 28 October 30 Sale Purchase 7 6 750 4,500 $15,430 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.
[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 Units 6 Unit Cost Total Cost $720 $4,320 October 4 Sale 4 October 10 Purchase 5 730 3,650 October 13 Sale 3 October 20 Purchase 4 740 2,960 October 28 October 30 Sale Purchase 7 6 750 4,500 $15,430 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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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
Units
6
Unit Cost
Total Cost
$720
$4,320
October 4
Sale
4
October 10
Purchase
5
730
3,650
October 13
Sale
October 20
Purchase
October 28
October 30
Sale
Purchase
3476
740
2,960
750
4,500
$15,430
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.
Ending inventory
$
6,510
Cost of goods sold
$
11,110](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ff0e19875-229d-4e8e-b50b-5f972ab444aa%2F0303a892-1c43-46b1-8d46-79c1c2db75a9%2Frigfwpn_processed.jpeg&w=3840&q=75)
Transcribed Image Text: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
Units
6
Unit Cost
Total Cost
$720
$4,320
October 4
Sale
4
October 10
Purchase
5
730
3,650
October 13
Sale
October 20
Purchase
October 28
October 30
Sale
Purchase
3476
740
2,960
750
4,500
$15,430
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.
Ending inventory
$
6,510
Cost of goods sold
$
11,110
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