Eddy's Fishing Hole has the following transactions related to its top-selling Shimano fishing reel for the month of June. Eddy'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 Ending inventory Cost of goods sold Units 16 11 10 12 10 8 9 Unit Cost $260 250 240 230 3. Using LIFO, calculate ending inventory and cost of goods sold at June 30. Total Cost $4,160 2,500 2,400 2,070 $11,130

Eddy's Fishing Hole has the following transactions related to its top-selling Shimano fishing reel for the month of June. Eddy'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 Ending inventory Cost of goods sold Units 16 11 10 12 10 8 9 Unit Cost $260 250 240 230 3. Using LIFO, calculate ending inventory and cost of goods sold at June 30. Total Cost $4,160 2,500 2,400 2,070 $11,130

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Description: Eddy's Fishing Hole has the following transactions related to its top-selling Shimano fishing reel for the month ofJune. Eddy's Fishing Hole uses a periodic inventory system.DateJune 1June 7June 12June 15June 24June 27June 29TransactionsBeginning in

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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