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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.
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 Transactions Beginning inventory October 4 Sale October 10 October 13 October 20 Purchase Sale Purchase October 28 Sale October 30, Purchase Units 6453476 Unit Cost $800 Total Cost $4,800 818 4,050 820 3,280 830 4,988 $17,110 Problem 6-1A (Algo) Part 1 Required: 1. Calculate ending inventory and cost of goods sold at October 31, using the specific identification method. The October 4 sale consists of purses from beginning Inventory, the October 13 sale consists of one purse from beginning inventory and two purses from the October 10 purchase, and the October 28 sale consists of three purses from the October 10 purchase and four purses from the October 20 purchase.
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Step: 1
1 Identify the specific purses sold on each date October 4 sale 3 purses ...Get Instant Access to Expert-Tailored Solutions
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