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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           3. Using LIFO, calculate ending inventory and cost of goods sold at June 30.

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           3. Using LIFO, calculate ending inventory and cost of goods sold at June 30.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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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      
 

 

3. Using LIFO, calculate ending inventory and cost of goods sold at June 30.

 

 

 

 

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