Jimmie’s Fishing Hole has the following transactions related to its

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

Transactions Units Total Cost $ 5,600 Unit Cost Date Beginning inventory $350 June 1 June 7 June 12 June 15 June 24 June


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

Ending Inventory
The ending inventory is the amount of inventory that a business is required to present on its balance sheet. It can be calculated using the ending inventory formula                Ending Inventory Formula =...

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