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[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
[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 | $820 | $4,920 |
October 4 | Sale | 4 | ||
October 10 | Purchase | 5 | 830 | 4,150 |
October 13 | Sale | 3 | ||
October 20 | Purchase | 4 | 840 | 3,360 |
October 28 | Sale | 7 | ||
October 30 | Purchase | 8 | 850 | 6,800 |
$19,230 |
2. Using FIFO, calculate ending inventory and cost of goods sold at October 31.
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