Question
I have calculated this many times now and it still says its wrong. Sandras Purse Boutique has the following transactions related to its top-selling Gucci
I have calculated this many times now and it still says its wrong.
Sandras 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 October 1 Beginning inventory 6 $ 780 $ 4,680 October 4 Sale 4 October 10 Purchase 5 790 3,950 October 13 Sale 3 October 20 Purchase 4 800 3,200 October 28 Sale 7 October 30 Purchase 6 810 4,860 $ 16,690 3. Using LIFO, calculate ending inventory and cost of goods sold at October 31.
Required information [The following information applies to the questions displayed 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. Unit Cost $ 780 Total Cost $ 4,680 790 3,950 Date October 1 October 4 October 10 October 13 October 20 October 28 October 30 Transactions Beginning inventory Sale Purchase Sale Purchase Sale Purchase Units 6 4 5 3 4 7 6 800 3,200 810 4,860 $16,690 3. Using LIFO, calculate ending inventory and cost of goods sold at October 31. Ending inventory Cost of goods soldStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started