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 $330 $5,280 June7 Sale11 June12 Purchase10 320 3,200 June15 Sale12 June24 Purchase10 310 3,100 June27 Sale8 June29 Purchase8 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 inventory and seven fishing reels from the June 24 purchase.

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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

Ending inventory = Total cost of goods available for sale - Cost of goods sold

Answered: Jimmie’s Fishing Hole has the following…

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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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 inventory and seven fishing reels from the June 24 purchase.

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