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 1TransactionsBeginning inventoryJune 7SaleJune 12June 15June 24PurchaseSalePurchaseJune 27SaleJune 29PurchaseUnits16Unit CostTotal Cost$280$4,48011102702,70012102602,6008102502,500$12,2802. Using FIFO, calculate ending inventory and cost of goods sold at June 30.Answer is complete but not entirely correct.Ending inventory$3,020 ×Cost of goods$5,400xsold

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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

For calculation of the cost of goods sold and cost of ending inventory, we use several methods,FIFO…

Business

Accounting

[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 Transactions Beginning inventory June 7 June 12 June 15 June 24 Sale Purchase Sale Purchase June 27 June 29 Sale Purchase Units 16 Unit Cost Total Cost $280 $4,480 11 10 270 2,700 12 10 260 2,600 8 10 250 2,500 $12,280 Using FIFO, calculate ending inventory and cost of goods sold at June 30.

[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 Transactions Beginning inventory June 7 June 12 June 15 June 24 Sale Purchase Sale Purchase June 27 June 29 Sale Purchase Units 16 Unit Cost Total Cost $280 $4,480 11 10 270 2,700 12 10 260 2,600 8 10 250 2,500 $12,280 Using FIFO, calculate ending inventory and cost of goods sold at June 30.

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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Eddy's Fishing Hole has the following transactions related to its top-selling Shimano fishing reel for the month of June. Eddy'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 Ending inventory Cost of goods sold Units 16 11 10 12 10 8 9 Unit Cost $260 250 240 230 2. Using FIFO, calculate ending inventory and cost of goods sold at June 30. Total Cost $4,160 2,500 2,400 2,070 $11,130
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Buffalo Corp. sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Buffalo Corp.’s purchases of EZslide snowboards during September. During the same month, 103 EZslide snowboards were sold. Buffalo Corp. uses a periodic inventory system. Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory 14 $110 $ 1,540 Sept. 12 Purchases 50 113 5,650 Sept. 19 Purchases 54 114 6,156 Sept. 26 Purchases 22 115 2,530 Totals 140 $15,876 (a) Compute the ending inventory at September 30 using the FIFO, LIFO and average-cost methods. (Round average cost per unit to 3 decimal places, e.g. 125.153 and final answers to 0 decimal places, e.g. 125.) FIFO LIFO AVERAGE-COST The ending inventory at September 30 $Enter a dollar amount $Enter a dollar amount $Enter a dollar amount (b) Compute the…
Required information [The following information applies to the questions displayed below.] Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Monson uses a perpetual inventory system. Also, on December 15, Monson sells 15 units for $39 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 10 units@ $25.00 cost 20 units@ $31.00 cost 15 units @ $33.00 cost Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method.
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Required information [The following information applies to the questions displayed below.] Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Monson uses a perpetual inventory system. Also, on December 15, Monson sells 15 units for $34 each. Purchases on December 7 Purchases on December 14 10 units @ $20.00 cost 20 units @ $26.00 cost Purchases on December 21 15 units @ $28.00 cost Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method.
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Required information [The following information applies to the questions displayed below.] Alexandra's Boutique has the following transactions related to its top-selling Gucci purse for the month of October. Alexandra's Boutique uses a periodic inventory system. Date October 1 Transactions Beginning inventory October 4 Sale October 10 Purchase October 13 Sale October 20 Purchase October 28 October 30 Sale Purchase Units 6 Unit Cost Total Cost $880 $5,280 453478 890 4,450 900 3,600 910 7,280 $20,610 Using FIFO, calculate ending inventory and cost of goods sold at October 31. Answer is complete but not entirely correct. Ending inventory $ 6,370 x Cost of goods $ 14,280 × old
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