! Required information 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.] George's Fishing Hole has the following transactions related to its top-selling Shimano fishing reel for the month of June. George's Fishing Hole uses a periodic inventory system. Date June 1 June 7 June 12 Transactions Beginning inventory Sale Purchase June 15 Sale June 24 Purchase June 27 Sale June 29 Purchase Units 16 Unit Cost $330 Total Cost $5,280 11 10 320 3,200 12 10 310 3,100 8 8 300 2,400 $13,980 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 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. Ending inventory Cost of goods sold ! Required information 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.] George's Fishing Hole has the following transactions related to its top-selling Shimano fishing reel for the month of June. George's Fishing Hole uses a periodic inventory system. Date June 1 Transactions Beginning inventory June 7 Sale June 12 Purchase June 15 Sale June 24 Purchase June 27 Sale June 29 Purchase Units 16 Unit Cost $330 Total Cost $5,280 11 10 320 3,200 12 10 310 3,100 8 8 300 2,400 $13,980 Problem 6-1B (Algo) Part 2 2. Using FIFO, calculate ending inventory and cost of goods sold at June 30. Ending inventory Cost of goods sold ! Required information 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.] George's Fishing Hole has the following transactions related to its top-selling Shimano fishing reel for the month of June. George's Fishing Hole uses a periodic inventory system. Date June 1 Transactions Beginning inventory June 7 Sale June 12 Purchase June 15 Sale June 24 Purchase June 27 Sale June 29 Purchase Units 16 Unit Cost $330 Total Cost $5,280 11 10 320 3,200 12 10 310 3,100 8 8 300 2,400 $13,980 Problem 6-1B (Algo) Part 3 3. Using LIFO, calculate ending inventory and cost of goods sold at June 30. Ending inventory Cost of goods sold ! Required information 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.] George's Fishing Hole has the following transactions related to its top-selling Shimano fishing reel for the month of June. George's Fishing Hole uses a periodic inventory system. Date June 1 Transactions Beginning inventory June 7 Sale June 12 Purchase June 15 Sale June 24 Purchase June 27 Sale June 29 Purchase Units 16 Unit Cost $330 Total Cost $5,280 11 10 320 3,200 12 10 310 3,100 8 8 300 2,400 $13,980 Problem 6-1B (Algo) Part 4 4. Using weighted-average cost, calculate ending inventory and cost of goods sold at June 30. (Round your intermediate calculations to 4 decimal places and final answers to 2 decimal places.) Ending inventory Cost of goods sold