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Transactions Beginning inventory Sale Purchase Sale Purchase Sale Units 6 5 3 4 7 Unit Cost $700 710 720

Transactions Beginning inventory Sale Purchase Sale Purchase Sale Units 6 5 3 4 7 Unit Cost $700 710 720

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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[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 October 28 October 30 Transactions Beginning inventory Sale Purchase Sale Ending inventory Cost of goods sold Purchase Sale Purchase Units 6 4 5 3 4 478 Unit Cost $700 710 720 730 Total Cost $4,200 3,550 2,880 5,840 $16,470 3. Using LIFO, calculate ending inventory and cost of goods sold at October 31.
Transcribed Image Text:[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 October 28 October 30 Transactions Beginning inventory Sale Purchase Sale Ending inventory Cost of goods sold Purchase Sale Purchase Units 6 4 5 3 4 478 Unit Cost $700 710 720 730 Total Cost $4,200 3,550 2,880 5,840 $16,470 3. Using LIFO, calculate ending inventory and cost of goods sold at October 31.
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