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.]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 1TransactionsBeginning inventoryJune 7SaleJune 12PurchaseJune 15SaleJune 24PurchaseJune 27SaleJune 29PurchaseUnitsUnit CostTotal Cost16$320$5,12011103103,10012103003,000892902,610$13,830Problem 6-1B (Algo) Part 1Required: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.Ending inventoryCost of goods sold

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Description: 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.]Eddy's Fishing Hole has the following transactions related to its top-sellin

Specific identification method, there are that units can be identifiable which are sold, so cost is…

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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.] 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 Transactions Beginning inventory Sale June 12 Purchase June 15 Sale June 24 Purchase June 27 Sale June 29 Purchase Units 16 Unit Cost $320 Total Cost $5,120 11 10 310 3,100 12 10 300 3,000 8 9 290 2,610 $13,830 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 ishing reels from beginning inventory, the June 15 sale consists of three fishing reels from beginning inventory and nine fishing reels rom the June 12 purchase, and the June 27 sale consists of one fishing reel from beginning inventory and seven fishing reels from the une 24 purchase. Ending inventory Cost of goods sold

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.] 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 Transactions Beginning inventory Sale June 12 Purchase June 15 Sale June 24 Purchase June 27 Sale June 29 Purchase Units 16 Unit Cost $320 Total Cost $5,120 11 10 310 3,100 12 10 300 3,000 8 9 290 2,610 $13,830 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 ishing reels from beginning inventory, the June 15 sale consists of three fishing reels from beginning inventory and nine fishing reels rom the June 12 purchase, and the June 27 sale consists of one fishing reel from beginning inventory and seven fishing reels from the une 24 purchase. Ending inventory Cost of goods sold

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter5: Inventories And Cost Of Goods Sold

Section: Chapter Questions

Problem 5.24MCE

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