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Codys Fishing Hole has the following transactions related to its top-selling Shimano fishing reel for the month of June. Codys Fishing Hole uses a periodic
Codys Fishing Hole has the following transactions related to its top-selling Shimano fishing reel for the month of June. Codys Fishing Hole uses a periodic inventory system. Using LIFO, calculate ending inventory and cost of goods sold at June 30.
Date | Transactions | Units | Unit Cost | Total Cost |
---|---|---|---|---|
June 1 | Beginning inventory | 16 | $160 | $2,560 |
June 7 | Sale | 11 | ||
June 12 | Purchase | 10 | 150 | 1,500 |
June 15 | Sale | 12 | ||
June 24 | Purchase | 10 | 140 | 1,400 |
June 27 | Sale | 8 | ||
June 29 | Purchase | 9 | 130 | 1,170 |
$6,630 |
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