Required information

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Eddy's Fishing Hole has the following transactions related to its top$-$selling Shimano fishing reel for the month of June.

Eddy's Fishing Hole uses a periodic inventory system.

Required:

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