Business, 12.08.2020 06:01 leianagaming

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 Cost Per Unit Total Cost
June 1 Beginning inventory 16 $260 $4,160
June 7 Sale 11
June 12 Purchase 10 250 2,500
June 15 Sale 12
June 24 Purchase 10 240 2,400
June 27 Sale 8
June 29 Purchase 9 230 2,070
$11,130
1. Using weighted-average cost, calculate ending inventory and cost of goods sold at June 30.
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.
Required information2. 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.

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Jimmie’s Fishing Hole has the following transactions related to its top-selling Shimano fishing reel...