! 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 June 1 June 7 June 12 June 15 June 24 June 27 June 29 Transactions Beginning inventory Sale Purchase Sale Purchase Sale Purchase Problem 6-1B (Algo) Part 4 Ending inventory Cost of goods sold Units 16 11 10 12 10 8 10 Unit Cost $170 160 150 140 Total Cost $2,720 1,600 1,500 1,400 $7,220 4. Using weighted-average cost, calculate ending inventory and cost of goods sold at June 30. (Round your intermediate calculations to 4 decimal places and final answers to 2 decimal places.)
! 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 June 1 June 7 June 12 June 15 June 24 June 27 June 29 Transactions Beginning inventory Sale Purchase Sale Purchase Sale Purchase Problem 6-1B (Algo) Part 4 Ending inventory Cost of goods sold Units 16 11 10 12 10 8 10 Unit Cost $170 160 150 140 Total Cost $2,720 1,600 1,500 1,400 $7,220 4. Using weighted-average cost, calculate ending inventory and cost of goods sold at June 30. (Round your intermediate calculations to 4 decimal places and final answers to 2 decimal places.)
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 5MC: The moving average inventory cost flow assumption is applicable to which of the following inventory...
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