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Jimmies Fishing Hole has the following transactions related to its top-selling Shimano fishing reel for the month of June. Jimmies Fishing Hole uses a periodic
Jimmies Fishing Hole has the following transactions related to its top-selling Shimano fishing reel for the month of June. Jimmies Fishing Hole uses a periodic inventory system.
Date | Transactions | Units | Unit Cost | Total Cost | |||||||||||
June | 1 | Beginning inventory | 16 | $ | 330 | $ | 5,280 | ||||||||
June | 7 | Sale | 11 | ||||||||||||
June | 12 | Purchase | 10 | 320 | 3,200 | ||||||||||
June | 15 | Sale | 12 | ||||||||||||
June | 24 | Purchase | 10 | 310 | 3,100 | ||||||||||
June | 27 | Sale | 8 | ||||||||||||
June | 29 | Purchase | 8 | 300 | 2,400 | ||||||||||
$ | 13,980 | ||||||||||||||
Using FIFO, calculate ending inventory and cost of goods sold at June 30. |
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