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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
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.
1. Using FIFO, calculate ending inventory and cost of goods sold at October 31.
2. Using LIFO, calculate ending inventory and cost of goods sold at October 31.
3. Using weighted-average cost, calculate ending inventory and cost of goods sold at October 31. (Do not round intermediate calculations. Round your final answers to 2 decimal places.)
Date October1 October 4 October 10 October 13 October 20 October 28 October 30 TransactionS Units Cost per Unit Total Cost Beginning inventory Sale Purchase Sale Purchase Sale Purchase 6 4 5 3 4 7 8 $700 710 720 730 $4,200 3,550 2,880 5,840 $16,470Step by Step Solution
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