Vinu Bhai !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.DateOctober 1October 4October 10TransactionsBeginning inventoryUnits6Unit CostTotal Cost$780$4,680Sale4Purchase57903,950October 13Sale3October 20Purchase48003,200October 28Sale7October 30Purchase68104,860$16,6903. Using LIFO, calculate ending inventory and cost of goods sold at October 31.Ending inventoryCost of goods sold

Inventory includes all the items, merchandise, and raw materials that are used by the business…

! 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 $780 $4,680 October 4 Sale 4 October 10 Purchase 5 790 3,950 October 13 Sale 3 October 20 Purchase 4 800 3,200 October 28 October 30 Sale 7 Purchase 6 810 4,860 $16,690 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 Units 6 Unit Cost Total Cost $780 $4,680 October 4 Sale 4 October 10 Purchase 5 790 3,950 October 13 Sale 3 October 20 Purchase 4 800 3,200 October 28 October 30 Sale 7 Purchase 6 810 4,860 $16,690 3. Using LIFO, calculate ending inventory and cost of goods sold at October 31. Ending inventory Cost of goods sold

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.] 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 October 4 Transactions Beginning inventory Sale October 10 Purchase October 13 Sale October 20 Purchase October 28 October 30 Sale Purchase Units Unit Cost Total Cost 6 $770 $4,620 4 5 780 3,900 3 4 790 3,160 7 7 800 5,600 $17,280 4. Using weighted-average cost, calculate ending inventory and cost of goods sold at October 31. (Round your intermediate calculations to 4 decimal places and final answers to 2 decimal places.) Answer is complete but not entirely correct. Ending inventory $ 6,370.00 × Cost of goods $ 10,910.00 X sold
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
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
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.) 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.] 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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