Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please answer all parts! I will rate !!! Required information [The following information applies to the questions displayed below.) Jimmie's Fishing Hole has the following

please answer all parts! I will rate !!!
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-selling Shimano fishing reel for the month of June. Jimmie's Fishing Hole uses a periodic inventory system. Unit Cost Total Cost $330 $ 5,280 Date June 1 June 7 June 12 June 15 June 24 June 27 June 29 Transactions Beginning inventory Sale Purchase Sale Purchase Sale Purchase Units 16 11 10 12 10 8 8 320 3,200 310 3,100 300 2,400 $13,980 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. Unit Cost Total Cost $330 $ 5,280 320 Date June 1 June 7 June 12 June 15 June 24 June 27 June 29 3,200 Transactions Beginning inventory Sale Purchase Sale Purchase Sale Purchase Units 16 11 10 12 10 8 9 310 3,100 300 2.400 $13,980 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 Unit Cost Total Cost $330 $ 5,280 320 3,200 Date June 1 June 7 June 12 June 15 June 24 June 27 June 29 Transactions Beginning inventory Sale Purchase Sale Purchase Sale Purchase Units 16 11 10 12 10 8 8 310 3,100 300 2,400 $13,980 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. Date June 1 June 7 June 12 June 15 June 24 June 27 June 29 Transactions Beginning inventory Sale Purchase Sale Purchase Sale Purchase Units Unit Cost Total Cost 16 $330 $ 5,280 11 10 320 3,200 12 10 310 3,100 B 8 300 2,400 $13,980 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.) 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

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

Financial Accounting

Authors: J. David Spiceland, Wayne Thomas, Don Herrmann

2nd Edition

0078110823, 9780078110825

More Books

Students also viewed these Accounting questions