Sandras Purse Boutique has the following transactions related to its top-selling Gucci purse for the...
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Accounting
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.
| Date | Transactions | Units | Unit Cost | Total Cost | ||||||||||||
| October | 1 | Beginning inventory | 6 | $ | 800 | $ | 4,800 | |||||||||
| October | 4 | Sale | 4 | |||||||||||||
| October | 10 | Purchase | 5 | 810 | 4,050 | |||||||||||
| October | 13 | Sale | 3 | |||||||||||||
| October | 20 | Purchase | 4 | 820 | 3,280 | |||||||||||
| October | 28 | Sale | 7 | |||||||||||||
| October | 30 | Purchase | 6 | 830 | 4,980 | |||||||||||
| $ | 17,110 | |||||||||||||||
3. Using LIFO, calculate ending inventory and cost of goods sold at October 31
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