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 Jurm George's Fishing Hole uses a periodic inventory system. Date June, 1 June 7 June 12 June 15 June 24 June 27 June 29 Ending inventory Cost of goods sold Date June, 1 June 7 June 12 June 15 June 24 June 27 June 29 Transactions Beginning inventory Sale Purchase Sale Purchase Sale Purchase 2. Using FIFO, calculate ending inventory and cost of goods sold at June 30. Date June, 1 June 7 June 12 [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. Transactions Beginning inventory Sale Purchase Sale June 15 June 24 June 27 June 29 Units 16 11 18 12 Purchase Sale Purchase 10 8 8 Transactions Beginning inventory Sale Purchase Sale Purchase Sale Purchase Units 16 11 10 12 18 8 8 Unit Cost Total Cost $338 $5,280 320 3,200 3,100 2,400 $13,980 310 300 3. Using LIFO, calculate ending inventory and cost of goods sold at June 30. Ending inventory Cost of goods sold 10 8 [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. 8 Unit Cost $330 320 310 300 Units Unit Cost Total Cost 16 $330 $5,280 11 10 3,200 12 3,100 2,400 112.000 320 Total Cost $5,280 3,200 3,100 2,400 $13,980 310 300
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 Jurm George's Fishing Hole uses a periodic inventory system. Date June, 1 June 7 June 12 June 15 June 24 June 27 June 29 Ending inventory Cost of goods sold Date June, 1 June 7 June 12 June 15 June 24 June 27 June 29 Transactions Beginning inventory Sale Purchase Sale Purchase Sale Purchase 2. Using FIFO, calculate ending inventory and cost of goods sold at June 30. Date June, 1 June 7 June 12 [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. Transactions Beginning inventory Sale Purchase Sale June 15 June 24 June 27 June 29 Units 16 11 18 12 Purchase Sale Purchase 10 8 8 Transactions Beginning inventory Sale Purchase Sale Purchase Sale Purchase Units 16 11 10 12 18 8 8 Unit Cost Total Cost $338 $5,280 320 3,200 3,100 2,400 $13,980 310 300 3. Using LIFO, calculate ending inventory and cost of goods sold at June 30. Ending inventory Cost of goods sold 10 8 [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. 8 Unit Cost $330 320 310 300 Units Unit Cost Total Cost 16 $330 $5,280 11 10 3,200 12 3,100 2,400 112.000 320 Total Cost $5,280 3,200 3,100 2,400 $13,980 310 300
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
![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.
Ending inventory
Cost of goods sold
Date
June, 1
June 7
June 12
June 15
June 24
June 27
June 291
Transactions
Beginning inventory
Sale
Purchase
Sale
Purchase
Sale
Purchase
2. Using FIFO, calculate ending inventory and cost of goods sold at June 30.
Date
June, 1
June 7
June 12
June 15
June 24
June 27
June 291
Units
16
11
18
12
10
Transactions
Beginning inventory
Sale
Purchase
Sale
Purchase
Sale
Purchase
8
8
[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.
Ending inventory
Cost of goods sold
Unit Cost
$330
320
Transactions
Beginning inventory
Sale
Purchase
Sale:
Purchase
Sale
Purchase
310
Units
16
11
10
12
10.
8
8
300
3. Using LIFO, calculate ending inventory and cost of goods sold at June 30.
Ending inventory
Cost of goods sold
Unit Cost
$330
320
310
300
[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.
Total Cost
$5,280
3,200
3,100
2,400
$13,980
Total Cost
$5,280
3,200
3,100
2,400
$13,980
300
Units Unit Cost Total Cost
16
$330
$5,280
11
10
320
3,200
12
10
310
8
8
3,100
2,400
$13,980
4. Using weighted-average cost, calculate ending inventory and cost of goods sold at June 30. (Round your intermediate calculation
to 4 decimal places and final answers to 2 decimal places.)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fe48b91ac-d128-464b-9c87-7d3008e2bbca%2F00d6778a-fcee-4b31-b91d-1180d81822ec%2Fkr55cijo_processed.jpeg&w=3840&q=75)
Transcribed Image Text: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.
Ending inventory
Cost of goods sold
Date
June, 1
June 7
June 12
June 15
June 24
June 27
June 291
Transactions
Beginning inventory
Sale
Purchase
Sale
Purchase
Sale
Purchase
2. Using FIFO, calculate ending inventory and cost of goods sold at June 30.
Date
June, 1
June 7
June 12
June 15
June 24
June 27
June 291
Units
16
11
18
12
10
Transactions
Beginning inventory
Sale
Purchase
Sale
Purchase
Sale
Purchase
8
8
[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.
Ending inventory
Cost of goods sold
Unit Cost
$330
320
Transactions
Beginning inventory
Sale
Purchase
Sale:
Purchase
Sale
Purchase
310
Units
16
11
10
12
10.
8
8
300
3. Using LIFO, calculate ending inventory and cost of goods sold at June 30.
Ending inventory
Cost of goods sold
Unit Cost
$330
320
310
300
[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.
Total Cost
$5,280
3,200
3,100
2,400
$13,980
Total Cost
$5,280
3,200
3,100
2,400
$13,980
300
Units Unit Cost Total Cost
16
$330
$5,280
11
10
320
3,200
12
10
310
8
8
3,100
2,400
$13,980
4. Using weighted-average cost, calculate ending inventory and cost of goods sold at June 30. (Round your intermediate calculation
to 4 decimal places and final answers to 2 decimal places.)
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VIEWStep 3: Calculation of cost of goods sold and ending inventory using LIFO Periodic Method
VIEWStep 4: Calculation of cost of goods sold and ending inventory using weighted average Periodic Method
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