Required information[The following information applies to the questions displayed below.)Jimmie's Fishing Hole has the following transactions related to its top-selling Shimano fishing reelfor the month of June. Jimmie's Fishing Hole uses a periodic inventory system.DateTransactionsBeginning inventorySaleUnitsUnit Cost Total CostJuneJune 716$290$ 4,64011June 12Purchase102802,800June 15June 24Sale12PurchaseSale102702,700June 27June 29Purchase6.2602,340$12,4802. Using FIFO, calculate ending inventory and cost of goods sold at June 30.Ending inventoryCost of goods sold

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Description: Required information[The following information applies to the questions displayed below.)Jimmie's Fishing Hole has the following transactions related to its top-selling Shimano fishing reelfor the month of June. Jimmie's Fishing Hole uses a periodic

Under FIFO Method, using periodic inventory system, value of ending inventory and cost of goods sold…

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(The following information applies to the questions displayed below.] Jimmie's Fishing Hole has the following transactions related to its top-selling Shimano fishing reel for the month of June. Jimmie's Fishing Hole uses a periodic inventory system. Date Transactions Units Unit Cost Total Cost June 1 Beginning inventory Sale June 7. 16 $290 $ 4,640 11 June 12 Purchase Sale 10 280 2,800 June 15 12 June 24 Purchase Sale 10 270 2,700 June 27 June 29 Purchase 260 2,340 $12,480 2. Using FIFO, calculate ending inventory and cost of goods sold at June 30. Ending inventory Cost of goods sold

(The following information applies to the questions displayed below.] Jimmie's Fishing Hole has the following transactions related to its top-selling Shimano fishing reel for the month of June. Jimmie's Fishing Hole uses a periodic inventory system. Date Transactions Units Unit Cost Total Cost June 1 Beginning inventory Sale June 7. 16 $290 $ 4,640 11 June 12 Purchase Sale 10 280 2,800 June 15 12 June 24 Purchase Sale 10 270 2,700 June 27 June 29 Purchase 260 2,340 $12,480 2. Using FIFO, calculate ending inventory and cost of goods sold at June 30. Ending inventory Cost of goods sold

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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