51 Required information [The following information applies to the questions displayed below] George's Fishing Hole has the following transactions related to its top-selling Shimano fishing reel for the month of June. George's Fishing Hole uses a periodic inventory system. 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 A Unit Cost $270 260 250 240 3. Using LIFO, calculate ending inventory and cost of goods sold at June 30. Ending inventory Cost of goods sold Total Cost $4,320 2,500 1,920 $11,340
51 Required information [The following information applies to the questions displayed below] George's Fishing Hole has the following transactions related to its top-selling Shimano fishing reel for the month of June. George's Fishing Hole uses a periodic inventory system. 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 A Unit Cost $270 260 250 240 3. Using LIFO, calculate ending inventory and cost of goods sold at June 30. Ending inventory Cost of goods sold Total Cost $4,320 2,500 1,920 $11,340
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Topic Video
Question
Dd.46.
![14
.
3151
Required information
[The following information applies to the questions displayed below]
George's Fishing Hole has the following transactions related to its top-selling Shimano fishing reel for the month of June.
George's Fishing Hole uses a periodic inventory system.
Date
June 1
June 7
June 12
June 15
June 241
June 27
June 29
Transactions
Beginning inventory
Sale
Purchase
Sale
Purchase
Sale
Purchase
Ending inventory
Cost of goods sold
Units
16
11
10
12
10
A
Unit Cost
$270
260
250
240
3. Using LIFO, calculate ending inventory and cost of goods sold at June 30.
Total Cost
$4,320
2,600
2,500
1,920
$11,340](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fe2ee2641-7c60-4f65-a663-59c8b8b8fc04%2F8625ce18-f46a-4354-9c74-eaf96a037e62%2Frhbf0zf_processed.jpeg&w=3840&q=75)
Transcribed Image Text:14
.
3151
Required information
[The following information applies to the questions displayed below]
George's Fishing Hole has the following transactions related to its top-selling Shimano fishing reel for the month of June.
George's Fishing Hole uses a periodic inventory system.
Date
June 1
June 7
June 12
June 15
June 241
June 27
June 29
Transactions
Beginning inventory
Sale
Purchase
Sale
Purchase
Sale
Purchase
Ending inventory
Cost of goods sold
Units
16
11
10
12
10
A
Unit Cost
$270
260
250
240
3. Using LIFO, calculate ending inventory and cost of goods sold at June 30.
Total Cost
$4,320
2,600
2,500
1,920
$11,340
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