Required informationProblem 6-1A (Algo) Calculate ending inventory and cost of goods sold for four inventory methods (LO6-3)Skip to question [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. DateTransactionsUnitsUnit CostTotal CostOctober 1Beginning inventory6$760$4,560October 4Sale4 October 10Purchase57703,850October 13Sale3 October 20Purchase47803,120October 28Sale7 October 30Purchase87906,320 $17,850 Problem 6-1A (Algo) Part 33. Using LIFO, calculate ending inventory and cost of goods sold at October 31.

The objective of this question is to calculate the ending inventory and cost of goods sold (COGS)…

Answered: Required information Problem 6-1A…

Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter6: Inventories

Section: Chapter Questions

Problem 2PB: LIFO perpetual inventory The beginning inventory for Dunne Co. and data on purchases and sales for a...

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Required information

Problem 6-1A (Algo) Calculate ending inventory and cost of goods sold for four inventory methods (LO6-3)

Skip to question

[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	Units	Unit Cost	Total Cost
October 1	Beginning inventory	6	$760	$4,560
October 4	Sale	4
October 10	Purchase	5	770	3,850
October 13	Sale	3
October 20	Purchase	4	780	3,120
October 28	Sale	7
October 30	Purchase	8	790	6,320
				$17,850