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 Transactions Beginning inventory June 12 Sale Purchase June 15 Sale June 24 Purchase June 27 Sale June 29 Purchase Units 16 Unit Cost Total Cost $170 $2,720 11 10 160 1,600 12 10 150 1,500 8 10 140 1,400 $7,220 Problem 6-1B (Algo) Part 1 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
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 Transactions Beginning inventory June 12 Sale Purchase June 15 Sale June 24 Purchase June 27 Sale June 29 Purchase Units 16 Unit Cost Total Cost $170 $2,720 11 10 160 1,600 12 10 150 1,500 8 10 140 1,400 $7,220 Problem 6-1B (Algo) Part 1 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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text: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
Transactions
Beginning inventory
Sale
Purchase
June 15
Sale
June 24
Purchase
June 27
Sale
June 29
Purchase
Units
16
Unit Cost
Total Cost
$170
$2,720
11
10
160
1,600
12
10
150
1,500
8
10
140
1,400
$7,220
Problem 6-1B (Algo) Part 1
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
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