Jimmie's Fishing Hole has the following transactions related to its top-selling Shimano fishing reel for the month of June 2012:

Required:
1. Calculate ending inventory and cost of goods sold at June 30, 2012, 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.
2. Using FIFO, calculate ending inventory and cost of goods sold at June 30, 2012.
3. Using LIFO, calculate ending inventory and cost of goods sold at June 30, 2012.
4. Using weighted-average cost, calculate ending inventory and cost of goods sold at June 30, 2012.

Transcribed Image Text:

Date Transactions Units Cost per Unit Total Cost June 1 June 7 June 12 June 15 June 24 June 27 June 29 16 $250 240 230 220 $4,000 2,400 2,300 2,200 Beginning inventory 5 Purchase Sale Purchase Sale Purchase 10 12 10 10 2 $10,900