!Required information[The following information applies to the questions displayed below.]Brianna's Boutique has the following transactions related to its top-selling Gucci purse for the month of October, Brianna'sBoutique uses a periodic inventory system.DateOctober 1October 4October 10October 13October 20October 28October 30TransactionsBeginning inventorySalePurchase.SalePurchaseSalePurchaseEnding inventoryCost of goods soldUnits Unit Cost$8906453476900910920Total Cost$5,3404,5003,6405,520$19,0002. Using FIFO, calculate ending inventory and cost of goods sold at October 31.

Lets understand the basics.There are various inventory methods which are followed for calculating…

Answered: system. ansactions inventory 3 Units…

system. ansactions inventory 3 Units Unit Cost 6 $890 4 5 900 3 4 7 6 910 920 Total Cost $5,340 4,500 3,640 5,520 $19,000 ventory and cost of goods sold at October 31.

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 7MCQ

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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 October 4 October 10 October 13 October 20 October 28 October 30 Transactions Beginning inventory Sale Purchase Sale Purchase Sale Purchase Units Unit Cost Total Cost 6 $720 $4,320 4 5 730 3,650 4 740 2,960 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. Ending inventory Cost of goods sold I
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 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 VEF Units 6453 476 Unit Cost $720 730 740 750 Total Cost $4,320 2. Using FIFO, calculate ending inventory and cost of goods sold at October 31. 3,650 2,960 4,500 $15,430 W Che
S 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 October 4 October 10 October 13 October 20 October 28 October 30 Transactions Beginning inventory Sale Ending inventory Cost of goods sold Purchase Sale Purchase Sale Purchase TOP Units 6453 476 Unit Cost $720 730 740 750 Total Cost $4,320 3,650 2,960 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.
Required information [The following information applies to the questions displayed below.] Brianna's Boutique has the following transactions related to its top-selling Gucc/ purse for the month of October. Brianna'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 4 Unit Cost $890 900 910 920 Total Cost $5,340 4,500 3,640 5,520 $19,000 3. Using LIFO, calculate ending inventory and cost of goods sold at October 31.
Required information [The following information applies to the questions displayed below.] Sandra's Purse Boutique has the following transactions related to its top-selling Gucci purse for the month of October. Sandra's Purse Boutique uses a periodic inventory system. Date October 1 October 4 October 10 October 13 October 20 October 28 October 30 Transactions Ending inventory Cost of goods sold Beginning inventory Sale Purchase Sale Purchase Sale Purchase Units Unit Cost 6 $730 4 5 . 740 3 4 7 8 750 760 Total Cost $ 4,380 3,700 3,000 6,080 $17,160 3. Using LIFO, calculate ending inventory and cost of goods sold at October 31.
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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[The following information applies to the questions displayed below] Brianna's Boutique has the following transactions related to its top-selling Gucci purse for the month of October. Brianna's Boutique uses a periodic inventory system. Date October 1 Transactions Beginning inventory October 4 Sale October 10 Purchase October 13 Sale October 20 Purchase October 28 October 30 Sale Purchase Units 6 Unit Cost Total Cost $800 $4,800 4 5 810 4,050 B 4 820 3,280 7 6 830 4,980 $17,110 3. Using LIFO, calculate ending inventory and cost of goods sold at October 31. Ending inventory Cost of goods sold
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 October 4 Sale October 10 Purchase October 13 Sale October 20 Purchase October 28 October 30 Sale Purchase Units 6 Unit Cost Total Cost $880 $5,280 453478 890 4,450 900 3,600 910 7,280 $20,610 Using FIFO, calculate ending inventory and cost of goods sold at October 31. Answer is complete but not entirely correct. Ending inventory $ 6,370 x Cost of goods $ 14,280 × old
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 Transactions October 1 Beginning inventory October 4 Sale October 10 Purchase October 13 Sale October 20 Purchase October 28 October 30 Sale Purchase Units 6 Unit Cost Total Cost $810 $4,860 4 5 820 4,100 3 4 830 3,320 7 7 840 5,880 $18,160 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. Answer is complete but not entirely correct. Ending inventory $ 6,720 Cost of…
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