Required informationProblem 6-1B (Algo) Calculate ending inventory and cost of goods sold for four inventory methods (LO6-3)[The following information applies to the questions displayed below.]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.TransactionsBeginning inventoryPurchaseDateJune 1June 7SaleJune 12June 15SaleJune 24PurchaseJune 27SaleJune 29PurchaseUnits16Unit CostTotal Cost$200$3,20011101901,90012101801,8008101701,700$8,600Problem 6-1B (Algo) Part 44. Using weighted-average cost, calculate ending inventory and cost of goods sold at June 30. (Round your intermediate calculationsto 4 decimal places and final answers to 2 decimal places.)Ending inventoryCost of goods sold

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Description: Required informationProblem 6-1B (Algo) Calculate ending inventory and cost of goods sold for four inventory methods (LO6-3)[The following information applies to the questions displayed below.]George's Fishing Hole has the following transactions rel

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Problem 6-1B (Algo) Calculate ending inventory and cost of goods sold for four inventory methods (LO6- 3) [The following information applies to the questions displayed below.] 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 Sale June 12 Purchase June 15 Sale June 24 Purchase June 27 Sale June 29 Purchase Units Unit Cost Total Cost 16 $200 $3,200 11 10 190 1,900 12 10 180 1,800 8 10 170 1,700 $8,600 Problem 6-1B (Algo) Part 4 4. Using weighted-average cost, calculate ending inventory and cost of goods sold at June 30. (Round your intermediate calculation to 4 decimal places and final answers to 2 decimal places.) Ending inventory Cost of goods sold

Problem 6-1B (Algo) Calculate ending inventory and cost of goods sold for four inventory methods (LO6- 3) [The following information applies to the questions displayed below.] 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 Sale June 12 Purchase June 15 Sale June 24 Purchase June 27 Sale June 29 Purchase Units Unit Cost Total Cost 16 $200 $3,200 11 10 190 1,900 12 10 180 1,800 8 10 170 1,700 $8,600 Problem 6-1B (Algo) Part 4 4. Using weighted-average cost, calculate ending inventory and cost of goods sold at June 30. (Round your intermediate calculation to 4 decimal places and final answers to 2 decimal places.) Ending inventory Cost of goods sold

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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Eddy's Fishing Hole has the following transactions related to its top-selling Shimano fishing reel for the month of June. Eddy's Fishing Hole uses a periodic inventory system. Date June 1 June 7 June 12 June 15 June 24 June 27 June 29 Transactions Beginning inventory Sale Purchase Sale Purchase Sale Purchase Ending inventory Cost of goods sold Units 16 11 10 12 10 8 9 Unit Cost $260 250 240 230 2. Using FIFO, calculate ending inventory and cost of goods sold at June 30. Total Cost $4,160 2,500 2,400 2,070 $11,130
Required information [The following information applies to the questions displayed below.] Cody's Fishing Hole has the following transactions related to its top-selling Shimano fishing reel for the month of June. Cody's Fishing Hole uses a periodic inventory system. Date June 11 June 7 June 12 June 15 June 241 June 27 June 29 Transactions Beginning inventory Sale Purchase Ending inventory Cost of goods sold Sale Purchase Sale Purchase Units Unit Cost $310 16 11 300 290 10 12 10 8 10 280 Total Cost $4,960 3,000 2,900 2,800 $13,660 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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Required Information [The following information applies to the questions displayed below.] Wernerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Activities Units Sold at Retail Units Acquired at Cost 100 units e $67.00 per unit 400 units e $72.00 per unit Date 1 Beginning iventory Mar. Mar. 5 Purchase Mar, 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales 428 units e $182.00 per unit 120 units e $77.00 per unit 200 units e $79.00 per unit 168 unitse $112.80 per unit Totals 82e units 588 units 4. Compute gross profit esmed by the company for each of the four costing methods. For specific identification, the March 9 sale consisted of 80 units from beginning inventory and 340 units from the March 5 purchese; the March 29 sale consisted of 40 units from the March 18 purchase and 120 units from the March 25 purchose. (Round welghted average cost per unit to two decimals and final answers to nearest whole…
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Problem 6-1B (Algo) Calculate ending inventory and cost of goods sold for four inventory methods (LO6- 3) [The following information applies to the questions displayed below.] Eddy's Fishing Hole has the following transactions related to its top-selling Shimano fishing reel for the month of June. Eddy's Fishing Hole uses a periodic inventory system. Date June 1 Transactions Beginning inventory June 7 Sale June 12 Purchase June 15 Sale June 24 Purchase June 27 Sale June 29 Purchase Units Unit Cost Total Cost 16 $320 $5,120 11 10 310 3,100 12 10 300 3,000 8 9 290 2,610 $13,830 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…
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Ex. Clear Sound Audio uses a periodic inventory system. One of the store's most popular products is an MP8 car stereo system. The inventory quantities, purchases, and sales of this product for the most recent year are as follows. Inventory, Jan. 1 First purchase (May 12) Second purchase (July 9) Third purchase (Oct. 4) Fourth purchase (Dec. 18) Goods available for sale Units sold during the year Inventory, Dec. 31 Number of Units NG ER NG 73 22 Cost per Unit $299 306 308 315 320 Total Cost $ 3,588 4,590 6,468 2,520 5,440 $22,606 Instructions a. Using periodic costing procedures, compute the cost of the December 31 inventory and the cost of goods sold for the MPS systems during the year under each of the following cost flow assumptions. 1. First-in, first-out. 2. Last-in, first-out. 3. Average cost (round to nearest dollar, except unit cost, and ignore small total rounding difference).
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