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 $290 Total Cost $ 4,640 280 Units 16 11 10 12 Date June 1 June 7 June 12 June 15 June 24 June 27 June 29 2,800 Transactions Beginning inventory Sale Purchase Sale Purchase Sale Purchase 10 270 2,700 8 9 260 2,340 $12,480 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 [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 $290 Units 16 11 10 Total Cost $ 4,640 280 2,800 Date June 1 June 7 June 12 June 15 June 24 June 27 June 29 Transactions Beginning inventory Sale Purchase Sale Purchase Sale Purchase 12 19 270 2,700 8 9 260 2,340 $12,480 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 $290 Total cost $ 4,640 Date June 1 June 7 June 12 June 15 June 24 June 27 June 29 280 Transactions Beginning inventory Sale Purchase Sale Purchase Sale Purchase Units 16 11 10 12 10 8 2,800 270 2,700 9 260 2,340 $12,480 3. Using LIFO, calculate ending inventory and cost of goods sold 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 $290 Total Cost $ 4,640 280 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 9 2,800 270 2,700 260 2,340 $12,480 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
