(The following information applies to the questions displayed below.] 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 Sale June 7. 16 $290 $ 4,640 11 June 12 Purchase Sale 10 280 2,800 June 15 12 June 24 Purchase Sale 10 270 2,700 June 27 June 29 Purchase 260 2,340 $12,480 2. Using FIFO, calculate ending inventory and cost of goods sold at June 30. Ending inventory Cost of goods sold
(The following information applies to the questions displayed below.] 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 Sale June 7. 16 $290 $ 4,640 11 June 12 Purchase Sale 10 280 2,800 June 15 12 June 24 Purchase Sale 10 270 2,700 June 27 June 29 Purchase 260 2,340 $12,480 2. Using FIFO, calculate ending inventory and cost of goods sold at June 30. Ending inventory Cost of goods sold
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 7MC: Questions M7-6 and M7-7 are based on the following data: City Stationers Inc. had 200 calculators on...
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[The following information applies to the questions displayed below.)
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
Beginning inventory
Sale
Units
Unit Cost Total Cost
June
June 7
16
$290
$ 4,640
11
June 12
Purchase
10
280
2,800
June 15
June 24
Sale
12
Purchase
Sale
10
270
2,700
June 27
June 29
Purchase
6.
260
2,340
$12,480
2. Using FIFO, calculate ending inventory and cost of goods sold at June 30.
Ending inventory
Cost of goods sold
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