George's Fishing Hole has the following transactions related to its top-selling Shimano fishing reel for the month of June. George's Fishing Hole uses a periodic inventory system. Date June 1 June 7 Transactions Beginning inventory June 12 Sale Purchase June 15 Sale June 24 Purchase June 27 Sale June 29 Purchase Units 16 Unit Cost Total Cost $170 $2,720 11 10 160 1,600 12 10 150 1,500 8 10 140 1,400 $7,220 Problem 6-1B (Algo) Part 1 Required: 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. Ending inventory Cost of goods sold

George's Fishing Hole has the following transactions related to its top-selling Shimano fishing reel for the month of June. George's Fishing Hole uses a periodic inventory system. Date June 1 June 7 Transactions Beginning inventory June 12 Sale Purchase June 15 Sale June 24 Purchase June 27 Sale June 29 Purchase Units 16 Unit Cost Total Cost $170 $2,720 11 10 160 1,600 12 10 150 1,500 8 10 140 1,400 $7,220 Problem 6-1B (Algo) Part 1 Required: 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. Ending inventory Cost of goods sold

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Description: Dhapa George's Fishing Hole has the following transactions related to its top-selling Shimano fishing reel for the month of June.George's Fishing Hole uses a periodic inventory system.DateJune 1June 7June 12TransactionsBeginning inventorySalePurchase

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 11RE: Jessie Stores uses the periodic system of calculating inventory. The following information is...

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