Required information 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. Transactions Beginning inventory Purchase Date June 1 June 7 Sale June 12 June 15 June 24 June 27 Sale June 29 Purchase Sale Purchase Units 16 Unit Cost $200 Total Cost $3,200 11 10 190 1,900 12 10 180 1,800 8 10 170 1,700 $8,600 Problem 6-1B (Algo) Part 3 3. Using LIFO, calculate ending inventory and cost of goods sold at June 30. Answer is complete but not entirely correct. Ending inventory $ 2,260 Cost of goods sold $ 3,140
Required information 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. Transactions Beginning inventory Purchase Date June 1 June 7 Sale June 12 June 15 June 24 June 27 Sale June 29 Purchase Sale Purchase Units 16 Unit Cost $200 Total Cost $3,200 11 10 190 1,900 12 10 180 1,800 8 10 170 1,700 $8,600 Problem 6-1B (Algo) Part 3 3. Using LIFO, calculate ending inventory and cost of goods sold at June 30. Answer is complete but not entirely correct. Ending inventory $ 2,260 Cost of goods sold $ 3,140
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Required information
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.
Transactions
Beginning inventory
Date
June 1
June 7
Sale
June 12
June 15
Purchase
Sale
Purchase
June 24
June 27
Sale
June 29
Purchase
Units
16
Unit Cost
Total Cost
$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 3
3. Using LIFO, calculate ending inventory and cost of goods sold at June 30.
Answer is complete but not entirely correct.
Ending inventory
$
2,260
Cost of goods sold
$
3,140](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F8d3d8deb-8b5d-4bc6-b1e1-562032e8da26%2F2b91d9e4-8a33-4d78-9142-b7d632ee347b%2Fytkshg_processed.png&w=3840&q=75)
Transcribed Image Text:!
Required information
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.
Transactions
Beginning inventory
Date
June 1
June 7
Sale
June 12
June 15
Purchase
Sale
Purchase
June 24
June 27
Sale
June 29
Purchase
Units
16
Unit Cost
Total Cost
$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 3
3. Using LIFO, calculate ending inventory and cost of goods sold at June 30.
Answer is complete but not entirely correct.
Ending inventory
$
2,260
Cost of goods sold
$
3,140
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