! 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. Date Transactions June 1 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 $230 $3,680 11 10 220 2,200 12 10 210 2,100 8 10 200 2,000 $9,980 Problem 6-1B (Algo) Part 3 3. Using LIFO, calculate ending inventory and cost of goods sold at June 30. Ending inventory Cost of goods sold
! 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. Date Transactions June 1 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 $230 $3,680 11 10 220 2,200 12 10 210 2,100 8 10 200 2,000 $9,980 Problem 6-1B (Algo) Part 3 3. Using LIFO, calculate ending inventory and cost of goods sold at June 30. Ending inventory Cost of goods sold
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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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.
Date
Transactions
June 1
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
$230
$3,680
11
10
220
2,200
12
10
210
2,100
8
10
200
2,000
$9,980
Problem 6-1B (Algo) Part 3
3. Using LIFO, calculate ending inventory and cost of goods sold at June 30.
Ending inventory
Cost of goods sold
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