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

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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.

DateTransactionsUnitsUnit CostTotal Cost
June1Beginning inventory16$190$3,040
June7Sale11
June12Purchase101801,800
June15Sale12
June24Purchase101701,700
June27Sale8
June29Purchase91601,440
$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.

DateTransactionsUnitsUnit CostTotal Cost
June1Beginning inventory16$190$3,040
June7Sale11
June12Purchase101801,800
June15Sale12
June24Purchase101701,700
June27Sale8
June29Purchase91601,440
$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.

DateTransactionsUnitsUnit CostTotal Cost
June1Beginning inventory16$190$3,040
June7Sale11
June12Purchase101801,800
June15Sale12
June24Purchase101701,700
June27Sale8
June29Purchase91601,440
$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.

February2,2021Provide services to customers on account for $29,600.
July23,2021Receive $20,000 from customers on account.
December31,2021Estimate that 20% of uncollected accounts will not bereceived.
April12,2022Provide services to customers on account for $42,600.
June28,2022Receive $6,000 from customers for services provided in2021.
September13,2022Write off the remaining amounts owed from services provided in2021.
October5,2022Receive $38,000 from customers for services provided in2022.
December31,2022Estimate 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.)

Answer & Explanation Solved by verified expert
4.4 Ratings (810 Votes)
Requirement 3 LIFO transaction purchase cost of goods sold balanced inventory date unit rate per unit total unit rate per unit total unit rate per unit total 01Jun beginning 16 190 3040 16 190    See Answer
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