Cody's Fishing Hole has the following transactions related to its top-selling Shimano fishing reel for the month of June. Cody's Fishing Hole uses a periodic inventory system. Date June 1 June 7 June 12 Transactions Beginning inventory Sale Purchase Sale Purchase June 15 June 24 June 27 June 29 Sale Purchase Units 16 Unit Cost Total Cost $280 $4,480 11 10 270 2,700 12 10 260 2,600 8 10 250 2,500 $12,280 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. Answer is complete but not entirely correct. Ending inventory $ 3,860 Cost of goods sold S 8,420x
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- Required information [The following information applies to the questions displayed below] Cody's Fishing Hole has the following transactions related to its top-selling Shimano fishing reel for the month of June. Cody's Fishing Hole uses a periodic inventory system. Date June 1 June 7 June 12 June 15 June 24 June 27 June 29 Transactions Beginning inventory Ending inventory Cost of goods sold Sale Purchase Sale Purchase Sale Purchase Units 16 11 10 12 10 8 10 Unit Cost $340 330 320 310 Total Cost $5,440 3,300 3,200 3,100 $15,040 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.Cody's Fishing Hole has the following transactions related to its top-selling Shimano fishing reel for the month of June. Cody's Fishing Hole uses a periodic inventory system. Date June 1 June 7 June 12 Transactions Beginning inventory Sale Purchase Sale Purchase June 15 June 24 June 27 June 29 Sale Purchase Units 16 Unit Cost Total Cost $280 $4,480 11 10 270 2,700 12 10 260 2,600 8 10 250 2,500 $12,280 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. Answer is complete but not entirely correct. Ending inventory $ 3,860 Cost of goods sold S 8,420xSunrise Flowers sells flowers to a customer on credit for $130 on October 18, with a cost of sale to Sunrise of $50. What entry to recognize this sale is required if Sunrise Flowers uses a perpetual inventory system?
- Required information [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 soldJimmie’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 $ 330 $ 5,280 June 7 Sale 11 June 12 Purchase 10 320 3,200 June 15 Sale 12 June 24 Purchase 10 310 3,100 June 27 Sale 8 June 29 Purchase 8 300 2,400 $ 13,980 3. Using LIFO, calculate ending inventory and cost of goods sold at June 30.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 $ 330 $ 5,280 June 7 Sale 11 June 12 Purchase 10 320 3,200 June 15 Sale 12 June 24 Purchase 10 310 3,100 June 27 Sale 8 June 29 Purchase 8 300 2,400 $ 13,980 2. Using FIFO, calculate ending inventory and cost of goods sold at June 30.
- Erecutive Suites, Inc., uses a perpetual inventory system. This system includes a perpetual in. PROMLEN ventory record for each of the 60 types of products the company keeps in stock. The following Ptat e transactions show the purchases and sales of a particular desk chair (product code DC-7) during y Pu September: Balance on hand, 50 units, cost $60 each Sept. Sept. 4 Sept. 8 Sept. 9 Sept. 20 Sept. 25 Purchase, 40 units, cost $70 each Sept. 30 Sale, 5 units, sales prica $110 each 1 $3,000 1,300 3,500 2,000 Purchase, 20 units, cost $65 each Sale, 35 units, sales price $100 each Purchase, 40 units, cost $65 each 6,000 2.800 550 Sale, 60 units, sales price $100 each ...... ......Eddy's Fishing Hole has the following transactions related to its top-selling Shimano fishing reel for the month of June. Eddy's Fishing Hole uses a periodic inventory system. Date June 1 June 7 June 12 June 15 June 24 June 27 June 29 Transactions Beginning inventory Sale Purchase Sale Purchase Sale Purchase Ending inventory Cost of goods sold Units 16 11 10 12 10 9 Unit Cost $260 250 240 230 Total Cost $4,160 2,500 2,400 2,070 $11,130 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.Determine the Ending Inventory and Gross Profit using FIFO and LIFO for the quarter ending 3/31/XX for Company W (a widget reseller) based on the following information (Inventory on 1/14/XX = 0): Action Date Amount Cost Purchase 1/15/XX 150 Widgets $10 per Widget Purchase 2/15/XX 250 Widgets $11 per Widget Purchase 3/15/XX 600 Widgets $12 per Widget Total 1,000 Widgets Sell 3/20/XX 400 Widgets $20 per Widget Sell 3/25/XX 300 Widgets $20 per Widget 700 Widgets FIFO Inventory = LIFO Inventory = FIFO Gross Profit = LIFO Gross Profit =
- 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 $ 330 $ 5,280 June 7 Sale 11 June 12 Purchase 10 320 3,200 June 15 Sale 12 June 24 Purchase 10 310 3,100 June 27 Sale 8 June 29 Purchase 8 300 2,400 $ 13,980 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.)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 $ 330 $ 5,280 June 7 Sale 11 June 12 Purchase 10 320 3,200 June 15 Sale 12 June 24 Purchase 10 310 3,100 June 27 Sale 8 June 29 Purchase 8 300 2,400 $ 13,980 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…Rogers Products uses a periodic inventory system. The company's records show the beginning inventory of PH4 oil filters on January 1 and the purchases of this item during the current year to be as follows. Jan. 1 Feb. 23 Apr. 20 May 4 Nov. 30 Beginning inventory Purchase Purchase Purchase Purchase Totals a. Average cost b. FIFO c. LIFO 14 units @ $3.00 14 units @ $3.50 27 units @ $3.80 41 units @ $4.00 17 units @ $5.00 113 units A physical count indicates 24 units in inventory at year-end. Determine the cost of the ending inventory on the basis of each of the following methods of inventory valuation. (Remember to use periodic inventory costing procedures.) (Round your intermediate and final answers to 2 decimal places.) Ending Inventory $ 42.00 49.00 102.60 164.00 85.00 $442.60