[The following information applies to the questions displayed below.] Alexandra's Boutique has the following transactions related to its top-selling Gucc/ purse for the month of October. Date October 1 October 41 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 $ 850 860 870 880 Total Cost $ 5,100 4,300 3,480 7,040 $ 19,920 3. Using LIFO, calculate ending inventory and cost of goods sold at October 31.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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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.
Date
Transactions
October 1 Beginning inventory
October 41
October 10
October 13
October 20
October 28
October 30
Sale
Purchase
Sale
Purchase
Sale
Purchase
Ending inventory
Cost of goods sold
Units Unit Cost
6
$ 850
4
860
870
880
Total Cost
$ 5,100
4,300
3,480
7,040
$ 19,920
3. Using LIFO, calculate ending inventory and cost of goods sold at October 31.
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. Date Transactions October 1 Beginning inventory October 41 October 10 October 13 October 20 October 28 October 30 Sale Purchase Sale Purchase Sale Purchase Ending inventory Cost of goods sold Units Unit Cost 6 $ 850 4 860 870 880 Total Cost $ 5,100 4,300 3,480 7,040 $ 19,920 3. Using LIFO, calculate ending inventory and cost of goods sold at October 31.
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