Required Information Problem 6-1A (Algo) Calculate ending inventory and cost of goods sold for four inventory methods (LO6-3) [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 41 October 18 Transactions Beginning inventory Sale Purchase October 13 October 20 Sale Purchase October 28 Sale October 30 Purchase Units 6 Unit Cost Total Cost $720 $4,320 4 5 730 3,650 3 4 740 2,960 7 6 750 4,500 $15,430 Problem 6-1A (Algo) Part 3 3. Using LIFO, calculate ending Inventory and cost of goods sold at October 31. Ending inventory Cost of goods sold
Required Information Problem 6-1A (Algo) Calculate ending inventory and cost of goods sold for four inventory methods (LO6-3) [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 41 October 18 Transactions Beginning inventory Sale Purchase October 13 October 20 Sale Purchase October 28 Sale October 30 Purchase Units 6 Unit Cost Total Cost $720 $4,320 4 5 730 3,650 3 4 740 2,960 7 6 750 4,500 $15,430 Problem 6-1A (Algo) Part 3 3. Using LIFO, calculate ending Inventory and cost of goods sold at October 31. Ending inventory Cost of goods sold
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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