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.] 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 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 1 Ending inventory Cost of goods sold Units H16 11 10 12 1089 Unit Cost $160 150 140 130 Total Cost $2,560 1,500 1,400 1,170 $6,630. 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.
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.] 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 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 1 Ending inventory Cost of goods sold Units H16 11 10 12 1089 Unit Cost $160 150 140 130 Total Cost $2,560 1,500 1,400 1,170 $6,630. 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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Manji
![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.]
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 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 1
Ending inventory
Cost of goods sold
Units
16
11
10
12
10
8
9
Unit Cost
$160
150
140
130
Total Cost
$2,560
1,500
1,400
1,170
$6,630
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.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fcdf73939-4992-4551-a865-485c456af12c%2F9737d890-8b50-4fec-b6eb-1f2745fab87b%2F7k56irg_processed.jpeg&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.]
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 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 1
Ending inventory
Cost of goods sold
Units
16
11
10
12
10
8
9
Unit Cost
$160
150
140
130
Total Cost
$2,560
1,500
1,400
1,170
$6,630
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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