Question
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 | $ | 190 | $ | 3,040 | ||||||||
June | 7 | Sale | 11 | ||||||||||||
June | 12 | Purchase | 10 | 180 | 1,800 | ||||||||||
June | 15 | Sale | 12 | ||||||||||||
June | 24 | Purchase | 10 | 170 | 1,700 | ||||||||||
June | 27 | Sale | 8 | ||||||||||||
June | 29 | Purchase | 9 | 160 | 1,440 | ||||||||||
$ | 7,980 | ||||||||||||||
3. Using LIFO, calculate ending inventory and cost of goods sold at June 30
The following information applies to the questions displayed below.]
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 | $ | 190 | $ | 3,040 | ||||||||
June | 7 | Sale | 11 | ||||||||||||
June | 12 | Purchase | 10 | 180 | 1,800 | ||||||||||
June | 15 | Sale | 12 | ||||||||||||
June | 24 | Purchase | 10 | 170 | 1,700 | ||||||||||
June | 27 | Sale | 8 | ||||||||||||
June | 29 | Purchase | 9 | 160 | 1,440 | ||||||||||
$ | 7,980 | ||||||||||||||
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.)
The following information applies to the questions displayed below.]
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 | $ | 190 | $ | 3,040 | ||||||||
June | 7 | Sale | 11 | ||||||||||||
June | 12 | Purchase | 10 | 180 | 1,800 | ||||||||||
June | 15 | Sale | 12 | ||||||||||||
June | 24 | Purchase | 10 | 170 | 1,700 | ||||||||||
June | 27 | Sale | 8 | ||||||||||||
June | 29 | Purchase | 9 | 160 | 1,440 | ||||||||||
$ | 7,980 | ||||||||||||||
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.)
The following information applies to the questions displayed below.] The following events occur for Morris Engineering during 2021 and 2022, its first two years of operations.
February | 2, | 2021 | Provide services to customers on account for $29,600. | |||
July | 23, | 2021 | Receive $20,000 from customers on account. | |||
December | 31, | 2021 | Estimate that 20% of uncollected accounts will not be received. | |||
April | 12, | 2022 | Provide services to customers on account for $42,600. | |||
June | 28, | 2022 | Receive $6,000 from customers for services provided in 2021. | |||
September | 13, | 2022 | Write off the remaining amounts owed from services provided in 2021. | |||
October | 5, | 2022 | Receive $38,000 from customers for services provided in 2022. | |||
December | 31, | 2022 | Estimate that 20% of uncollected accounts will not be received. |
Required:
1. Record transactions for each date. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)
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