Jimmies Fishing Hole has the following transactions related to its top-selling Shimano fishing reel for...
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Accounting
Jimmies Fishing Hole has the following transactions related to its top-selling Shimano fishing reel for the month of June. Jimmies Fishing Hole uses a periodic inventory system.
Date
Transactions
Units
Cost per Unit
Total Cost
June 1
Beginning inventory
16
$220
$ 3,520
June 7
Sale
11
June 12
Purchase
10
210
2,100
June 15
Sale
12
June 24
Purchase
10
200
2,000
June 27
Sale
8
June 29
Purchase
9
190
1,710
$9,330
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.
2. Using FIFO, calculate ending inventory and cost of goods sold at June 30.
3. Using LIFO, calculate ending inventory and cost of goods sold at June 30.
4. Using weighted-average cost, calculate ending inventory and cost of goods sold at June 30. (Round your intermediate and final answers to 2 decimal places.)
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