Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Problem 6-1A (Algo) Calculate ending inventory and cost of goods sold for four inventory methods (LO6-3) Skip to question [The following information applies to the

Problem 6-1A (Algo) Calculate ending inventory and cost of goods sold for four inventory methods (LO6-3)

Skip to question

[The following information applies to the questions displayed below.] Alexandra's Boutique has the following transactions related to its top-selling Gucci purse for the month of October. Alexandra's Boutique uses a periodic inventory system.

Date Transactions Units Unit Cost Total Cost
October 1 Beginning inventory 6 $850 $5,100
October 4 Sale 4
October 10 Purchase 5 860 4,300
October 13 Sale 3
October 20 Purchase 4 870 3,480
October 28 Sale 7
October 30 Purchase 8 880 7,040
$19,920
image text in transcribed 2. Using FIFO, calculate ending inventory and cost of goods sold at October 31. Problem 6-1A (Algo) Part 3 3. Using LIFO, calculate ending inventory and cost of goods sold at October 31. Answer is complete but not entirely correct. Problem 6-1A (Algo) Part 4 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.)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

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

Step: 3

blur-text-image

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

Cost Analysis And Estimating Tools And Techniques

Authors: Willis R. Jr. Greer, Daniel A. Nussbaum

1990th Edition

0387973257, 978-0387973258

More Books

Students also viewed these Accounting questions

Question

It would appear that someone apparently entered illegally.

Answered: 1 week ago