Question

jimmie’s Fishing Hole has the following transactions related to its top-selling Shimano fishing reel for the month of June 2015. Jimmie’s Fishing Hole uses a periodic inventory system. Date: Transactions: Units: Cost per Unit: Total Cost: June 1 Beginning inventory 16 $180 $2880 June 7 Sale 11 June 12 Purchase 10 170 1700 June 15 Sale 12 June 24 Purchase 10 160 1600 June 27 Sale 8 June 29 Purchase 8 150 1200 _____________ $7380 1) Using FIFO, calculate ending inventory and cost of goods sold at June 30, 2015. Ending inventory: Cost of goods sold: 2) Using LIFO, calculate ending inventory and cost of goods sold at June 30, 2015 Ending inventory: Cost of goods sold: 3) Using weighted-average cost, calculate ending inventory and cost of goods sold at June 30, 2015. (Round your intermediate and final answers to 2 decimal places.) Ending inventory: Cost of goods sold:

Answer 1