Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Brianna's Boutique has the following transactions related to its top-selling Gucci purse for the month of October. Brianna's Boutique uses a periodic inventory system.

image text in transcribedimage text in transcribed  

Brianna's Boutique has the following transactions related to its top-selling Gucci purse for the month of October. Brianna's Boutique uses a periodic inventory system. Date October 1 October 4 October 10 Transactions Beginning Inventory Sale Purchase October 18 Sale October 20 October 28 October 30 Purchase Sale Purchase Units Unit Cost Total Cost 6453477 $770 $4,620 780 3,900 790 3,160 800 5,600 $17,280 4. Using weighted-average cost, calculate ending inventory and cost of goods sold at October 31. (Round your intermediate calculations to 4 decimal places and final answers to 2 decimal places.) Answer is complete but not entirely correct. Ending inventory $ 6,370.00 Cost of goods sold $ 10,910.00

Step by Step Solution

3.40 Rating (153 Votes )

There are 3 Steps involved in it

Step: 1

Under Weighted Average method Cost of Goods Sold is 17280 6 ... blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Intermediate Accounting

Authors: Donald E. Kieso, Jerry J. Weygandt, And Terry D. Warfield

13th Edition

9780470374948, 470423684, 470374942, 978-0470423684

More Books