[The following information applies to the questions displayed below.] 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 October 4 October 10 Sale Purchase October 13 October 20 Sale Purchase October 28 October 30 Sale Purchase 6453477 Units 6 Unit Cost Total Cost $810 $4,860 4 820 4,100 830 3,320 840 5,880 $18,160 Using LIFO, calculate ending inventory and cost of goods sold at October 31.
[The following information applies to the questions displayed below.] 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 October 4 October 10 Sale Purchase October 13 October 20 Sale Purchase October 28 October 30 Sale Purchase 6453477 Units 6 Unit Cost Total Cost $810 $4,860 4 820 4,100 830 3,320 840 5,880 $18,160 Using LIFO, calculate ending inventory and cost of goods sold at October 31.
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 11RE: Jessie Stores uses the periodic system of calculating inventory. The following information is...
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![Required information
[The following information applies to the questions displayed below.]
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
Transactions
Beginning inventory
Sale
Purchase
Sale
Purchase
October 28
Sale
October 30
Purchase
Units
Unit Cost
Total Cost
6453477
$810
$4,860
820
4,100
830
3,320
840
5,880
$18,160
3. Using LIFO, calculate ending inventory and cost of goods sold at October 31.
Ending inventory
Cost of goods sold](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F6a086e3e-a488-4849-8c31-548e2a500b93%2F693b988a-0cbc-4d87-b4a8-c67925895a2b%2Fsssa41_processed.png&w=3840&q=75)
Transcribed Image Text:Required information
[The following information applies to the questions displayed below.]
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
Transactions
Beginning inventory
Sale
Purchase
Sale
Purchase
October 28
Sale
October 30
Purchase
Units
Unit Cost
Total Cost
6453477
$810
$4,860
820
4,100
830
3,320
840
5,880
$18,160
3. Using LIFO, calculate ending inventory and cost of goods sold at October 31.
Ending inventory
Cost of goods sold
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