Required information Using FIFO, calculate ending inventory and cost of goods sold at June $30.$

Problem $6-1$B $($Algo$)$ Calculate ending inventory and cost of

goods sold for four inventory methods $($LO$6-3)$

$[$The following information applies to the questions displayed below.$]$

Cody's Fishing Hole has the following transactions related to its top$-$selling

Shimano fishing reel for the month of June. Cody's Fishing Hole uses a

periodic inventory system.

Problem $6-1$B $($Algo$)$ Part $1$

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