Jaydip Required informationProblem 6-18 (Algo) Calculate ending inventory and cost of goods sold for four inventory methods (LO6-3)[The following information applies to the questions displayed below.]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.DateJune 1June 7June 12June 15June 24June 27June 29TransactionsBeginning inventorySalePurchaseSalePurchaseSalePurchaseProblem 6-1B (Algo) Part 1Ending inventoryCost of goods soldUnits161110121010 00589Unit Cost$290280270260Total Cost$4,6402,8002,7002,340$12,480Required:1. Calculate ending inventory and cost of goods sold at June 30, using the specific identification method. The June 7 sale consists offishing reels from beginning inventory, the June 15 sale consists of three fishing reels from beginning inventory and nine fishing reelsfrom the June 12 purchase, and the June 27 sale consists of one fishing reel from beginning inventory and seven fishing reels from theJune 24 purchase.

Name: Jaydip Required informationProblem 6-18 (Algo) Calculate ending invent
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Description: Jaydip Required informationProblem 6-18 (Algo) Calculate ending inventory and cost of goods sold for four inventory methods (LO6-3)[The following information applies to the questions displayed below.]Eddy's Fishing Hole has the following transactions

The ending inventory comprises the units that remain unsold at the end of the accounting period. The…

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Required information Problem 6-18 (Algo) Calculate ending inventory and cost of goods sold for four inventory methods (LO6- 3) [The following information applies to the questions displayed below.] 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 Units Unit Cost 16 $290 11 10 280 12 10 8 9 270 260 Total Cost $4,640 2,800 2,700 2,340 $12,480 Problem 6-1B (Algo) Part 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.

Required information Problem 6-18 (Algo) Calculate ending inventory and cost of goods sold for four inventory methods (LO6- 3) [The following information applies to the questions displayed below.] 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 Units Unit Cost 16 $290 11 10 280 12 10 8 9 270 260 Total Cost $4,640 2,800 2,700 2,340 $12,480 Problem 6-1B (Algo) Part 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.

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 50E: Inventory Costing Methods Crandall Distributors uses a perpetual inventory system and has the...

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