Required information Problem 6-1A (Algo) Calculate ending inventory and cost of goods sold for four inventory methods (L 3) [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 Transactions Units Beginning inventory 6 Unit Cost $850 Total Cost $5,100 Sale October 10 Purchase 5 860 4,300 October 13 Sale October 20 Purchase 4 870 3,480 October 28 Sale 7 October 30 Purchase 8 880 7,040 $19,920 Problem 6-1A (Algo) Part 3 3. Using LIFO, calculate ending inventory and cost of goods sold at October 31. Ending inventory 5960 Cost of goods sold $ 13,960

Required information Problem 6-1A (Algo) Calculate ending inventory and cost of goods sold for four inventory methods (L 3) [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 Transactions Units Beginning inventory 6 Unit Cost $850 Total Cost $5,100 Sale October 10 Purchase 5 860 4,300 October 13 Sale October 20 Purchase 4 870 3,480 October 28 Sale 7 October 30 Purchase 8 880 7,040 $19,920 Problem 6-1A (Algo) Part 3 3. Using LIFO, calculate ending inventory and cost of goods sold at October 31. Ending inventory 5960 Cost of goods sold $ 13,960

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 10RE: Jessie Stores uses the periodic system of calculating inventory. The following information is...

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