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 TransactionsUnitsUnit CostTotal Cost June1 Beginning inventory16 $330 $5,280 June7 Sale11 June12 Purchase10 320 3,200 June15 Sale12 June24 Purchase10 310 3,100 June27 Sale8 June29 Purchase8 300 2,400 $13,980 3. Using LIFO, calculate ending inventory and cost of goods sold at June 30.

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Description: 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 TransactionsUnitsUnit CostTotal Cost June1 Beginning inventory16

Inventory valuation is used to find out the ending inventory and cost of goods sold.It is basically…

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Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter5: Inventories And Cost Of Goods Sold

Section: Chapter Questions

Problem 5.11E: Inventory Costing Methods VanderMeer Inc. reported the following information for the month of...

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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	16		$	330	$	5,280
June	7		Sale	11
June	12		Purchase	10			320		3,200
June	15		Sale	12
June	24		Purchase	10			310		3,100
June	27		Sale	8
June	29		Purchase	8			300		2,400
								$	13,980

3. Using LIFO, calculate ending inventory and cost of goods sold at June 30.

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