Sandra's Purse Boutique uses a periodic inventory system. Date Transactions Units Unit Cost Total Cost October 1 Beginning inventory Sale $ 700 $ 4,200 October 4 October 10 Purchase 710 3,550 October 13 Sale 3 October 20 Purchase 4. 720 2,880 October 28 Sale 7 5,840 $16,470 October 30 Purchase 8 730 Problem 6-1A Part 1 Required: 1. Calculate ending inventory and cost of goods sold at 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.

Sandra's Purse Boutique uses a periodic inventory system. Date Transactions Units Unit Cost Total Cost October 1 Beginning inventory Sale $ 700 $ 4,200 October 4 October 10 Purchase 710 3,550 October 13 Sale 3 October 20 Purchase 4. 720 2,880 October 28 Sale 7 5,840 $16,470 October 30 Purchase 8 730 Problem 6-1A Part 1 Required: 1. Calculate ending inventory and cost of goods sold at 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.

Name: Sandra's Purse Boutique has the following transactions related to its
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Description: 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.DateTransactionsUnitsUnit CostTotal CostBeginning inventorySale$ 700$ 4,2

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter20: Accounting For Inventory

Section: Chapter Questions

Problem 3AP

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