Top Purse Company applies the periodic inventory system using the specific identification method. The company had the following transactions related to its best selling purse. Date Transaction Units Unit Cost Total Cost November 1 Beginning inventory 5 300 1,500 November 3 Sale 2 November 8 Purchase 9 320 2,880 November 10 Sale 4 November 17 Purchase 3 340 1,020 Compute the cost of goods sold for the best selling purse based on the following: The November 3rd sale consists of purses from beginning inventory. The November 10th sale consists of 1 purse from beginning inventory and 3 purses from the November 8th purchase.
Top Purse Company applies the periodic inventory system using the specific identification method. The company had the following transactions related to its best selling purse.
Date Transaction Units Unit Cost Total Cost
November 1 Beginning inventory 5 300 1,500
November 3 Sale 2
November 8 Purchase 9 320 2,880
November 10 Sale 4
November 17 Purchase 3 340 1,020
Compute the cost of goods sold for the best selling purse based on the following:
The November 3rd sale consists of purses from beginning inventory.
The November 10th sale consists of 1 purse from beginning inventory and 3 purses from the November 8th purchase.
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