Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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.

June 1 Beginning inventory 16 $350 $ 5,600
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

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.

2. Using FIFO, calculate ending inventory and cost of goods sold at June 30.

3. Using LIFO, calculate ending inventory and cost of goods sold at June 30.

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.)

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

Step: 3

blur-text-image

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

Handbook Of Energy Audits

Authors: Albert Thumann, William J. Younger

6th Edition

0824709985, 978-0824709983

More Books

Students also viewed these Accounting questions

Question

=+1===+In what circum- stances is it particularly useful? 2

Answered: 1 week ago