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 | Unit Cost | Total Cost | |
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. Using LIFO, calculate ending inventory andcost of goods sold at June 30
The following information applies to the questions displayedbelow.]
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 | Unit Cost | Total Cost | |
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 | | | |
|
4. Using weighted-average cost, calculateending inventory and cost of goods sold at June 30. (Roundyour intermediate and final answers to 2 decimalplaces.)
The following information applies to the questions displayedbelow.]
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 | Unit Cost | Total Cost | |
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 | | | |
|
4. Using weighted-average cost, calculateending inventory and cost of goods sold at June 30. (Roundyour intermediate and final answers to 2 decimalplaces.)
The following information applies to the questions displayedbelow.]
The following events occur for Morris Engineering during 2021 and2022, its first two years of operations.
February | | 2, | | 2021 | | Provide services to customers on account for $29,600. |
July | | 23, | | 2021 | | Receive $20,000 from customers on account. |
December | | 31, | | 2021 | | Estimate that 20% of uncollected accounts will not bereceived. |
April | | 12, | | 2022 | | Provide services to customers on account for $42,600. |
June | | 28, | | 2022 | | Receive $6,000 from customers for services provided in2021. |
September | | 13, | | 2022 | | Write off the remaining amounts owed from services provided in2021. |
October | | 5, | | 2022 | | Receive $38,000 from customers for services provided in2022. |
December | | 31, | | 2022 | | Estimate that 20% of uncollected accounts will not bereceived. |
Required:
1. Record transactions for each date.(If no entry is required for a particulartransaction/event, select "No Journal Entry Required" in the firstaccount field.)