Required information[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.DateJune 11June 7June 12June 15June 241June 27June 29TransactionsBeginning inventorySalePurchaseEnding inventoryCost of goods soldSalePurchaseSalePurchaseUnits Unit Cost$3101611300290101210810280Total Cost$4,9603,0002,9002,800$13,660Required:1. Calculate ending inventory and cost of goods sold at June 30, using the specific identification method. The June 7 sale consists offishing reels from beginning inventory, the June 15 sale consists of three fishing reels from beginning inventory and nine fishing reelsfrom the June 12 purchase, and the June 27 sale consists of one fishing reel from beginning inventory and seven fishing reels from theJune 24 purchase.

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Description: Required information[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 inv

Specific identification method :— It is one of the methods of inventory valuation in which specific…

Business

Accounting

Required information [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 11 June 7 June 12 June 15 June 24 June 27 June 29 Transactions Beginning inventory Sale Purchase Sale Purchase. Sale Purchase Ending inventory Cost of goods sold Units Unit Cost 16 $310. 11 300 290 10 12 10 8 10 280 Total Cost $4,960 3,000 2,900 2,800 $13,660 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 [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 11 June 7 June 12 June 15 June 24 June 27 June 29 Transactions Beginning inventory Sale Purchase Sale Purchase. Sale Purchase Ending inventory Cost of goods sold Units Unit Cost 16 $310. 11 300 290 10 12 10 8 10 280 Total Cost $4,960 3,000 2,900 2,800 $13,660 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.

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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