Question

[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	Cost per Unit	Total Cost
June 1	Beginning inventory	16	$270	$ 4,320
June 7	Sale	11
June 12	Purchase	10	260	2,600
June 15	Sale	12
June 24	Purchase	10	250	2,500
June 27	Sale	8
June 29	Purchase	8	240	1,920
				$11,340
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- 2. Using FIFO, calculate ending inventory and cost of goods sold at June 30. ending inventory- cost of goods sold- 3. Using LIFO, calculate ending inventory and cost of goods sold at June 30. ending inventory- cost of goods sold- 4. Using weighted-average cost, calculate ending inventory and cost of goods sold at June 30. (Round your intermediate and final answers to 2 decimal places.)   ending inventory - cost of goods sold-

Answer 1