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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

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

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
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
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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