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Eddy's Fishing Hole has the following transactions related to its top-selling Shimano fishing reel for the month o June. Eddy's Fishing Hole uses a
Eddy's Fishing Hole has the following transactions related to its top-selling Shimano fishing reel for the month o June. Eddy's Fishing Hole uses a periodic inventory system. Date Transactions June 1 Beginning inventory June 7 Sale June 12 Purchase June 15 Sale June 24 June 27 June 29 Purchase Sale Purchase Units 16 Unit Cost $260 Total Cost $4,160 11 10 250 2,500 12 10 240 2,400 8 230 2,070 $11,130 2. Using FIFO, calculate ending inventory and cost of goods sold at June 30.
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