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 | $ | 350 | $ | 5,633 | ||||
June | 7 | Sale | 11 | ||||||||
June | 12 | Purchase | 10 | 340 | 3,400 | ||||||
June | 15 | Sale | 12 | ||||||||
June | 24 | Purchase | 10 | 330 | 3,300 | ||||||
June | 27 | Sale | 8 | ||||||||
June | 29 | Purchase | 9 | 320 | 2,880 | ||||||
$ | 15,180 | ||||||||||
a. Using FIFO, Calculate ending inventory and cost of goods sold at June 30.
Ending Inventory:
Cost of goods sold:
b. Using LIFO, calculate ending inventory and cost of goods sold at June 30.
Ending inventory:
Cost of goods sold:
c. 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:
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