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.
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter6: Cost Of Goods Sold And Inventory
Section: Chapter Questions
Problem 50E: Inventory Costing Methods Crandall Distributors uses a perpetual inventory system and has the...
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![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 241
June 27
June 29
Transactions
Beginning inventory
Sale
Purchase
Ending inventory
Cost of goods sold
Sale
Purchase
Sale
Purchase
Units Unit Cost
$310
16
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.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F1625c8fc-6a75-4d50-b2c0-2848118f7297%2Fce765306-df62-4c50-9ed9-4bf6c49d4150%2F2ntvib_processed.jpeg&w=3840&q=75)
Transcribed Image Text: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 241
June 27
June 29
Transactions
Beginning inventory
Sale
Purchase
Ending inventory
Cost of goods sold
Sale
Purchase
Sale
Purchase
Units Unit Cost
$310
16
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.
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