Jimmie’s Fishing Hole has the following transactions related toits top-selling Shimano fishing reel for...

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Accounting

Jimmie’s Fishing Hole has the following transactions related toits top-selling Shimano fishing reel for the month ofJune. Jimmie’s Fishing Hole uses a periodic inventorysystem.
  Date Transactions Units Cost perUnit TotalCost
  June 1 Beginning inventory 16    $190    $ 3,040
  June 7 Sale 11
  June 12 Purchase 10    180    1,800
  June 15 Sale 12
  June 24 Purchase 10    170    1,700
  June 27 Sale 8
  June 29 Purchase 9    160    1,440
$7,980
3.
Required information
Required:
1. Calculate ending inventory and cost of goods sold atJune 30, using the specific identification method. The June 7 saleconsists of fishing reels from beginning inventory, the June 15sale consists of three fishing reels from beginning inventory andnine fishing reels from the June 12 purchase, and the June 27 saleconsists of one fishing reel from beginning inventory and sevenfishing reels from the June 24 purchase.

4.
Required information
2. Using FIFO, calculate ending inventory andcost of goods sold at June 30.

5.
Required information
3. Using LIFO, calculate ending inventory andcost of goods sold at June 30.

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All working forms part of the answer Requirement 1 Specific Identification Cost of Goods available for sale Cost of Goods Sold Ending Inventory Units Costunit COG for sale Units sold Costunit COGS Units Costunit Ending inventory Beginning Inventory 16 19000 304000 15 19000 285000 1 19000 19000 See Answer

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Transcribed Image Text

In: AccountingJimmie’s Fishing Hole has the following transactions related toits top-selling Shimano fishing reel for the...Jimmie’s Fishing Hole has the following transactions related toits top-selling Shimano fishing reel for the month ofJune. Jimmie’s Fishing Hole uses a periodic inventorysystem. DateTransactionsUnitsCost perUnitTotalCost June 1Beginning inventory16 $190 $ 3,040 June 7Sale11 June 12Purchase10 180 1,800 June 15Sale12 June 24Purchase10 170 1,700 June 27Sale8 June 29Purchase9 160 1,440 $7,980 3.Required informationRequired:1. Calculate ending inventory and cost of goods sold atJune 30, using the specific identification method. The June 7 saleconsists of fishing reels from beginning inventory, the June 15sale consists of three fishing reels from beginning inventory andnine fishing reels from the June 12 purchase, and the June 27 saleconsists of one fishing reel from beginning inventory and sevenfishing reels from the June 24 purchase. 4.Required information2. Using FIFO, calculate ending inventory andcost of goods sold at June 30.5.Required information3. Using LIFO, calculate ending inventory andcost of goods sold at June 30.

Date	Transactions	Units	Cost perUnit	TotalCost
June 1	Beginning inventory	16	$190	$ 3,040
June 7	Sale	11
June 12	Purchase	10	180	1,800
June 15	Sale	12
June 24	Purchase	10	170	1,700
June 27	Sale	8
June 29	Purchase	9	160	1,440

				$7,980