Brianna's Boutique has the following transactions related to its top-selling Gucci purse for the month of...

 

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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. Date Transactions October 1 Beginning inventory October 4 Sale October 10 Purchase October 13 Sale October 20 Purchase October 28 October 30 Sale Purchase Units Unit Cost Total Cost 6 $800 $4,800 4 5 810 4,050 3 4 820 3,280 7 6 830 4,980 $17,110 3. Using LIFO, calculate ending inventory and cost of goods sold at October 31 Ending inventory Cost of goods sold 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 Transactions October 1 Beginning inventory October 4 Sale October 10 Purchase October 13 Sale October 20 Purchase October 28 October 30 Sale Purchase Units Unit Cost Total Cost 6 $800 $4,800 4 5 810 4,050 3 4 820 3,280 7 6 830 4,980 $17,110 3. Using LIFO, calculate ending inventory and cost of goods sold at October 31 Ending inventory Cost of goods sold

Answer rating: 100% (QA)

LIFO Inventory Calculation for Briannas Boutique Briannas Boutique can use the LastIn FirstOut LIFO ... View the full answer