Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

help please Required information (The following information applies to the questions displayed below.) Jimmie's Fishing Hole has the following transactions related to its top-seling Shimano

help please image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Required information (The following information applies to the questions displayed below.) Jimmie's Fishing Hole has the following transactions related to its top-seling Shimano fishing reel for the month of June. Jimmie's Fishing Hole uses a periodic inventory system. Units Unit Cost Total Cost $200 $3,200 16 190 1,900 Date June 1 June 7 June 12 June 15 June 24 June 27 June 29 Transactions Beginning inventory Sale Purchase Sale Purchase Sale Purchase 180 1,800 170 1,700 $8,600 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 Required information (The following information applies to the questions displayed below.) Jimmie's Fishing Hole has the following transactions related to its top-selling Shimano fishing reel for the month of June. Jimmie's Fishing Hole uses a periodic inventory system. Date Units Unit Cost Total Cost $200 $3,200 190 1,900 June 1 June 7 June 12 June 15 June 24 June 27 June 29 Transactions Beginning inventory Sale Purchase Sale Purchase Sale Purchase 180 1,800 170 1,700 $8,600 2. Using FIFO, calculate ending inventory and cost of goods sold at June 30. Ending inventory Cost of goods sold Required information (The following information applies to the questions displayed below.) Jimmie's Fishing Hole has the following transactions related to its top-selling Shimano fishing reel for the month of June. Jimmie's Fishing Hole uses a periodic inventory system. Units 16 11 Unit Cost Total Cost $200 $3,200 190 1,900 Date June 1 June 7 June 12 June 15 June 24 June 27 June 29 Transactions Beginning inventory Sale Purchase Sale Purchase Sale Purchase 12 le 180 1,800 170 1,700 $8,600 3. Using LIFO, calculate ending inventory and cost of goods sold at June 30. Ending inventory Cost of goods sold Required information The following information applies to the questions displayed below.] Jimmie's Fishing Hole has the following transactions related to its top-selling Shimano fishing reel for the month of June. Jimmie's Fishing Hole uses a periodic Inventory system. Units Unit Cost Total Cost 16 $200 $3,200 11 10 190 1,900 Date June 1 June 7 June 12 June 15 June 24 June 27 June 29 Transactions Beginning inventory Sale Purchase Sale Purchase Sale Purchase 180 1,800 170 1,700 4. Using weighted-average cost, calculate ending inventory and cost of goods sold at June 30. (Round your intermediate and final answers to 2 decimal places.) . Ending inventory Cost of goods sold

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting Information Systems Connecting Careers Systems And Analytics

Authors: Arline A. Savage, Danielle Brannock, Alicja Foksinska

1st Edition

1119744474, 9781119744474

More Books

Students also viewed these Accounting questions

Question

What is removed when a relation is converted from 2NF to 3NF?

Answered: 1 week ago