immie’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 Unit Cost Total Cost June 1 Beginning inventory 16 $ 330 $ 5,280 June 7 Sale 11 June 12 Purchase 10 320 3,200 June 15 Sale 12 June 24 Purchase 10 310 3,100 June 27 Sale 8 June 29 Purchase 8 300 2,400 $ 13,980 4. Using weighted-average cost, calculate ending inventory and cost of goods sold at June 30. (Round your intermediate and final answers to 2 decimal places.)

immie’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 Unit Cost Total Cost June 1 Beginning inventory 16 $ 330 $ 5,280 June 7 Sale 11 June 12 Purchase 10 320 3,200 June 15 Sale 12 June 24 Purchase 10 310 3,100 June 27 Sale 8 June 29 Purchase 8 300 2,400 $ 13,980 4. Using weighted-average cost, calculate ending inventory and cost of goods sold at June 30. (Round your intermediate and final answers to 2 decimal places.)

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Description: 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 TransactionsUnitsUnit CostTotal Cost June1 Beginning inventory16

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter7: Inventories: Cost Measurement And Flow Assumptions

Section: Chapter Questions

Problem 10RE: Jessie Stores uses the periodic system of calculating inventory. The following information is...

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Concept explainers

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.

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Question

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	Unit Cost	Total Cost
June	1		Beginning inventory	16		$	330	$	5,280
June	7		Sale	11
June	12		Purchase	10			320		3,200
June	15		Sale	12
June	24		Purchase	10			310		3,100
June	27		Sale	8
June	29		Purchase	8			300		2,400
								$	13,980

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

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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 Unit Cost Total Cost June 1 Beginning inventory 16 $ 330 $ 5,280 June 7 Sale 11 June 12 Purchase 10 320 3,200 June 15 Sale 12 June 24 Purchase 10 310 3,100 June 27 Sale 8 June 29 Purchase 8 300 2,400 $ 13,980 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…
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