Problem 6-1B Calculate ending inventory and cost of goods sold for four inventory methods (LO6-3)
Required information Problem 6-1B Calculate ending inventory and cost of goods sold for four inventory methods (L06-3) [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 $300 Total Cost $ 4,800 290 Transactions Beginning inventory Sale Purchase Sale Purchase Sale Purchase Units 16 11 10 12 19 8 Date June 1 June 7 June 12 June 15 June 24 June 27 June 29 2,900 280 2,800 270 2,160 $12,660 Problem 6-18 Part 1 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 Problem 6-1B Calculate ending inventory and cost of goods sold for four inventory methods (LO6-3) [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 $300 Total Cost $ 4,800 290 2,900 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 19 12 19 8 8 280 2,800 270 2,160 $12,660 Problem 6-1B Part 2 2. Using FIFO, calculate ending inventory and cost of goods sold at June 30. Ending inventory Cost of goods sold ! Required information Problem 6-1B Calculate ending inventory and cost of goods sold for four inventory methods (LO6-3) [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 $300 Total Cost $ 4,800 290 2,900 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 8 280 2,800 270 2,160 $12,660 Problem 6-1B Part 3 3. Using LIFO, calculate ending inventory and cost of goods sold at June 30. Ending inventory Cost of goods sold ! Required information Problem 6-1B Calculate ending inventory and cost of goods sold for four inventory methods (LO6-3) [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 $300 Total Cost $ 4,800 290 Units 16 11 19 12 19 Date June 1 June 7 June 12 June 15 June 24 June 27 June 29 2,900 Transactions Beginning inventory Sale Purchase Sale Purchase Sale Purchase 280 2,800 8 270 2,160 $12,660 Problem 6-13 Part 4 und your intermediate and final 4. Using weighted average cost, calculate ending inventory and cost of goods sold at June 30. answers to 2 decimal places.) Ending inventory Cost of goods sold
