Required information Problem 6-1A Calculate ending inventory and cost of goods sold for four inventory methods (LO6-3) (The following information applies to the questions disployed below) Sandra's Purse Boutique has the following transactions related to its top-selling Gucci purse for the month of October. Sandra's Purse Boutique uses a periodic inventory system. Date Transactions Units Unit Cost Total Cost $ 700 $ 4,200 October 1 Beginning imventory October 4 Sale October 10 October 13 Sale October 20 October 28 Sale October 30 Purchase 710 3, 550 Purchase 4 720 2,880 5,840 $16,470 Purchase 730 Problem 6-1A Part 1 Required: 1. Calculate ending inventory and cost of goods sold ot October 31, using the specific identification method. The October 4 sale consists of purses from beginning inventory, the October 13 sale consists of one purse from beginning inventory and two purses from the October 10 purchase, and the October 28 sale consists of three purses from the October 10 purchase and four purses from the October 20 purchase.
Required information Problem 6-1A Calculate ending inventory and cost of goods sold for four inventory methods (LO6-3) (The following information applies to the questions disployed below) Sandra's Purse Boutique has the following transactions related to its top-selling Gucci purse for the month of October. Sandra's Purse Boutique uses a periodic inventory system. Date Transactions Units Unit Cost Total Cost $ 700 $ 4,200 October 1 Beginning imventory October 4 Sale October 10 October 13 Sale October 20 October 28 Sale October 30 Purchase 710 3, 550 Purchase 4 720 2,880 5,840 $16,470 Purchase 730 Problem 6-1A Part 1 Required: 1. Calculate ending inventory and cost of goods sold ot October 31, using the specific identification method. The October 4 sale consists of purses from beginning inventory, the October 13 sale consists of one purse from beginning inventory and two purses from the October 10 purchase, and the October 28 sale consists of three purses from the October 10 purchase and four purses from the October 20 purchase.
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter6: Cost Of Goods Sold And Inventory
Section: Chapter Questions
Problem 64E: ( Appendix 6B) Inventory Costing Methods: Periodic System Harrington Company had the following data...
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