Question

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		$	190				$	3,040
June	7		Sale	11
June	12		Purchase	10			180					1,800
June	15		Sale	12
June	24		Purchase	10			170					1,700
June	27		Sale	8
June	29		Purchase	9			160					1,440
											$	7,980

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

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	16		$	190				$	3,040
June	7		Sale	11
June	12		Purchase	10			180					1,800
June	15		Sale	12
June	24		Purchase	10			170					1,700
June	27		Sale	8
June	29		Purchase	9			160					1,440
											$	7,980

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.)

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	16		$	190				$	3,040
June	7		Sale	11
June	12		Purchase	10			180					1,800
June	15		Sale	12
June	24		Purchase	10			170					1,700
June	27		Sale	8
June	29		Purchase	9			160					1,440
											$	7,980

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.)

The following information applies to the questions displayed below.]


The following events occur for Morris Engineering during 2021 and 2022, its first two years of operations.

February		2,		2021		Provide services to customers on account for $29,600.
July		23,		2021		Receive $20,000 from customers on account.
December		31,		2021		Estimate that 20% of uncollected accounts will not be received.
April		12,		2022		Provide services to customers on account for $42,600.
June		28,		2022		Receive $6,000 from customers for services provided in 2021.
September		13,		2022		Write off the remaining amounts owed from services provided in 2021.
October		5,		2022		Receive $38,000 from customers for services provided in 2022.
December		31,		2022		Estimate that 20% of uncollected accounts will not be received.

Required:

1. Record transactions for each date. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)

Answer 1

Requirement 3

LIFO
	transaction	purchase			cost of goods sold			balanced inventory
date		unit	rate per unit	total	unit	rate per unit	total	unit	rate per unit	total
01-Jun	beginning	16	190	3,040	-	-	-	16	190	3,040
07-Jun	sale				11	190	2,090	5	190	950
12-Jun	purchase	10	180	1,800				5	190	950
								10	180	1,800
15-Jun	sale	-	-	-	10	180	1,800
					2	190	380	3	190	570
24-Jun	purchase	10	170	1,700	-	-	-	3	190	570
								10	170	1,700
27-Jun	sale	-	-	-	8	170	1360	3	190	570
								2	170	340
29-Jun	purchase	9	160	1440				3	190	570
								2	170	340
								9	160	1440
30-Jun		45		7,980	31		5,630	14		2,350

Requirement 4

Weighted average cost
	transaction	purchase			cost of goods sold			balanced inventory
date		unit	rate per unit	total	unit	rate per unit	total	unit	rate per unit	total
01-Jun	beginning	16	190	3,040	-	-	-	16	190	3,040
07-Jun	sale				11	190	2,090	5	190	950
12-Jun	purchase	10	180	1,800				15	183.33	2,750
15-Jun	sale	-	-	-	12	183	2,200	3	183.33	550
24-Jun	purchase	10	170	1,700	-	-	-	13	173.07	2,250
27-Jun	sale	-	-	-	8	173.07	1384.56	5	173.07	865
29-Jun	purchase	9	160	1440				14	164.64	2,305
30-Jun		45		7,980	31		5,675	14		2,305