Required information Problem 6-1B (Algo) Calculate ending inventory and cost of goods sold for four inventory methods (LO6- 3) [The following information applies to the questions displayed below.] 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. Transactions Beginning inventory Purchase Date June 1 June 7 Sale June 12 June 15 June 24 June 27 Sale June 29 Purchase Sale Purchase Units 16 Unit Cost $200 Total Cost $3,200 11 10 190 1,900 12 10 180 1,800 8 10 170 1,700 $8,600 Problem 6-1B (Algo) Part 3 3. Using LIFO, calculate ending inventory and cost of goods sold at June 30. Answer is complete but not entirely correct. Ending inventory $ 2,260 Cost of goods sold $ 3,140

Required information Problem 6-1B (Algo) Calculate ending inventory and cost of goods sold for four inventory methods (LO6- 3) [The following information applies to the questions displayed below.] 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. Transactions Beginning inventory Purchase Date June 1 June 7 Sale June 12 June 15 June 24 June 27 Sale June 29 Purchase Sale Purchase Units 16 Unit Cost $200 Total Cost $3,200 11 10 190 1,900 12 10 180 1,800 8 10 170 1,700 $8,600 Problem 6-1B (Algo) Part 3 3. Using LIFO, calculate ending inventory and cost of goods sold at June 30. Answer is complete but not entirely correct. Ending inventory $ 2,260 Cost of goods sold $ 3,140

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Description: None !Required informationProblem 6-1B (Algo) Calculate ending inventory and cost of goods sold for four inventory methods (LO6-3)[The following information applies to the questions displayed below.]George's Fishing Hole has the following transaction

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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