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 3 Ending inventory Cost of goods sold Units 16 11 10 12 10 8 10 Unit Cost $170 160 150 140 3. Using LIFO, calculate ending inventory and cost of goods sold at June 30. Total Cost $2,720 1,600 1,500 1,400 $7,220
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 3 Ending inventory Cost of goods sold Units 16 11 10 12 10 8 10 Unit Cost $170 160 150 140 3. Using LIFO, calculate ending inventory and cost of goods sold at June 30. Total Cost $2,720 1,600 1,500 1,400 $7,220
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.
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 3
Ending inventory
Cost of goods sold
Units
16
11
10
12
10
8
10
Unit Cost
$170
160
150
140
3. Using LIFO, calculate ending inventory and cost of goods sold at June 30.
Total Cost
$2,720
1,600
1,500
1,400
$7,220](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F368da4cb-aaa2-4791-a8a8-eefdeaaf0791%2Ff1869f7c-1d4d-442f-a3c1-cb42f8cd9e59%2Fjrwapjo_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.
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 3
Ending inventory
Cost of goods sold
Units
16
11
10
12
10
8
10
Unit Cost
$170
160
150
140
3. Using LIFO, calculate ending inventory and cost of goods sold at June 30.
Total Cost
$2,720
1,600
1,500
1,400
$7,220
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