Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Required information The following information applies to the questions displayed below Sara's Boutique has the following transactions related to its top selling Gucci purse
Required information The following information applies to the questions displayed below Sara's Boutique has the following transactions related to its top selling Gucci purse for the month of October. Sara's Boutique uses a periodic inventory system Date October 1 October 4 Teansactions Beginning inventory Sale October 10 Purchase October 13 Sale October 20 October 2 Purchase Sale October 30 Purchase Chits Unit Cost $790 Total Cost $4,740 800 4,000 810 3,240 820 6,540 $18,540 3. Using LIFO calculate ending inventory and cost of goods sold at October 31, Answer is complete but not entirely correct. Ending inventory Cost of goods sold 63400 12.200 Proy Required information [The following information applies to the questions displayed below.) Sara's Boutique has the following transactions related to its top-selling Gucci purse for the month of October. Sara's Boutique uses a periodic inventory system. Date Transactions October 1- Beginning inventory October 4 Sale October 10 Purchase October 13 Sale October 201 October 28 October 30 Purchase Sale Purchase Units 6 4 Unit Cost $790 Total Cost $4,740 800 4,000 810 3,240 820 6.560 $18,540 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.) Ending inventory Cost of goods sold
Step 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