Question: Date Transactions Units Cost per Unit Total Cost June 1 Beginning inventory 16 $160 $ 2,560 June 7 Sale 11 June 12 Purchase 10 150

Date Transactions Units Cost per Unit Total Cost
June 1 Beginning inventory 16 $160 $ 2,560
June 7 Sale 11
June 12 Purchase 10 150 1,500
June 15 Sale 12
June 24 Purchase 10 140 1,400
June 27 Sale 8
June 29 Purchase 9 130 1,170

$6,630

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.

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