FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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[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
Units Unit Cost
6
$820
4
5
3
4
7
8
830
840
850
Total Cost
$4,920
2. Using FIFO, calculate ending inventory and cost of goods sold at October 31.
4,150
3,360
6,800
$19,230
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Transcribed Image Text: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 Units Unit Cost 6 $820 4 5 3 4 7 8 830 840 850 Total Cost $4,920 2. Using FIFO, calculate ending inventory and cost of goods sold at October 31. 4,150 3,360 6,800 $19,230
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