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 October 28 October 30 Transactions Beginning inventory Sale Purchase Sale Purchase Sale Purchase Units 6 6453477 4 Unit Cost $840 850 860 870 Total Cost $5,040 4,250| 3,440 6,090 $18,820
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 October 28 October 30 Transactions Beginning inventory Sale Purchase Sale Purchase Sale Purchase Units 6 6453477 4 Unit Cost $840 850 860 870 Total Cost $5,040 4,250| 3,440 6,090 $18,820
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Please do not give solution in image format thanku
![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
October 28
October 30
Transactions
Beginning inventory
Sale
Purchase
Sale
Purchase
Sale
Purchase
Ending inventory
Cost of goods sold
Units Unit Cost
6
$840
453477
850
860
870
Total Cost
$5,040
3. Using LIFO, calculate ending inventory and cost of goods sold at October 31.
4,250|
3,440
6,090
$18,820](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F402bf941-d3f7-4808-b2e4-e1665f3ab0a6%2F11fbee8a-73e8-46f9-ab79-75861a3c7c83%2Fq0u5ia_processed.jpeg&w=3840&q=75)
Transcribed Image Text: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
October 28
October 30
Transactions
Beginning inventory
Sale
Purchase
Sale
Purchase
Sale
Purchase
Ending inventory
Cost of goods sold
Units Unit Cost
6
$840
453477
850
860
870
Total Cost
$5,040
3. Using LIFO, calculate ending inventory and cost of goods sold at October 31.
4,250|
3,440
6,090
$18,820
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