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.
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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