Cody's Fishing Hole has the following transactions related to its top- selling Shimano fishing reel for...

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Cody's Fishing Hole has the following transactions related to its top- selling Shimano fishing reel for the month of June. Cody's Fishing Hole uses a periodic inventory system. Date June 1 Transactions Units Unit Cost Total Cost Beginning inventory 16 $280 $4,480 June 7 Sale 11 June 12 Purchase 10 270 2,700 June 15 Sale 12 June 24 Purchase 10 260 2,600 June 27 Sale 8 June 29 Purchase 10 250 2,500 $12,280 3. Using LIFO, calculate ending inventory and cost of goods sold at June 30. Cody's Fishing Hole has the following transactions related to its top- selling Shimano fishing reel for the month of June. Cody's Fishing Hole uses a periodic inventory system. Date June 1 Transactions Units Unit Cost Total Cost Beginning inventory 16 $280 $4,480 June 7 Sale 11 June 12 Purchase 10 270 2,700 June 15 Sale 12 June 24 Purchase 10 260 2,600 June 27 Sale 8 June 29 Purchase 10 250 2,500 $12,280 3. Using LIFO, calculate ending inventory and cost of goods sold at June 30.

Answer rating: 100% (QA)

To calculate ending inventory and cost of goods sold COGS at June 30 using the Last In First Out LIF... View the full answer