Save & Eart (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 Transactions Units Unit Cost Total Cost June 1 Beginning inventory $340 $5,440 June 7 Sale 11 June 12 Purchase 16 330 3,300 June 15 Sale 12 June 24 Purchase 10 320 3,200 June 27 Sale June 29 Purchase 310 3.100 $15,040 16 8 10 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 Date Transactions Units Unit Cost Total cost June 1 Beginning inventory 16 $340 $ 5,440 June 7 Sale 11 June 12 Purchase 10 330 3,300 June 15 Sale 12 June 24 Purchase 10 320 3,200 June 27 Sale 8 June 29 Purchase 10 310 3, 100 $15,040 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 $340 $ 5,440 Date June 1 June 7 June 12 June 15 June 24 June 27 June 29 Transactions Beginning inventory Sale Purchase Sale Purchase Sale Purchase 330 Units 16 13 10 12 10 8 10 3, 306 320 3,200 . 310 3, 100 $15, 040 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 Transactions Units Unit Cost Total Cost June 1 Beginning inventory 16 $340 $ 5,440 June 7 Sale 11 June 12 Purchase 10 330 3,300 June 15 Sale 12 June 24 Purchase 10 320 3, 200 June 27 Sale June 29 Purchase 10 310 3,100 $15,040 8 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
