Calculate ending inventory and cost of goods sold for

four inventory methods $($LO$6-3)$

$[$The following information applies to the questions displayed below.$]$

George$$s Fishing Hole has the following transactions related to its top$-$selling Shimano

fishing reel for the month of June. George$$s Fishing Hole uses a periodic inventory

system.

Date Transactions Units Unit Cost Total Cost

June $1$ Beginning inventory $16$ $$200$ $$3,200$

June $7$ Sale $11$

June $12$ Purchase $101901,900$

June $15$ Sale $12$

June $24$ Purchase $101801,800$

June $27$ Sale $8$

June $29$ Purchase $101701,700$

$$8,600$

$!$

Problem $6-1$B $($Algo$)$ Part $1$

Required:

$1.$ Calculate ending inventory and cost of goods sold at June $30,$ using the specific identification method.

The June $7$ sale consists of fishing reels from beginning inventory, the June $15$ sale consists of three fishing

reels from beginning inventory and nine fishing reels from the June $12$ purchase, and the June $27$ sale

consists of one fishing reel from beginning inventory and seven fishing reels from the June $24$ purchase.

Ending inventory $\_\_\_\_\_$

Cost of goods sold$\_\_\_\_\_$