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[The following information applies to the questions displayed below.] Georges Fishing Hole has the following transactions related to its top-selling Shimano fishing reel for the

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

Georges Fishing Hole has the following transactions related to its top-selling Shimano fishing reel for the month of June. Georges Fishing Hole uses a periodic inventory system.

Date Transactions Units Unit Cost Total Cost
June 1 Beginning inventory 16 $300 $4,800
June 7 Sale 11
June 12 Purchase 10 290 2,900
June 15 Sale 12
June 24 Purchase 10 280 2,800
June 27 Sale 8
June 29 Purchase 8 270 2,160
$12,660

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.

2. Using FIFO, calculate ending inventory and cost of goods sold at June 30.

3. Using LIFO, calculate ending inventory and cost of goods sold at June 30.

4. Using weighted-average cost, calculate ending inventory and cost of goods sold at June 30. (Round your intermediate calculations to 4 decimal places and final answers to 2 decimal places.)

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