Log in
Accounting
1
answer
0
watching
300
views

Jimmie’s Fishing Hole has the following transactions related toits top-selling Shimano fishing reel for the month of June2015. Jimmie’s Fishing Hole uses a periodic inventory system.

Date: Transactions: Units: Cost perUnit: Total Cost:

June 1 Beginninginventory 16 $180 $2880

June 7 Sale 11

June 12 Purchase 10 170 1700

June 15 Sale 12

June 24 Purchase 10 160 1600

June 27 Sale 8

June 29 Purchase 8 150 1200

_____________

$7380

1) Using FIFO, calculate ending inventory and cost of goods soldat June 30, 2015.

Ending inventory:

Cost of goods sold:

2) Using LIFO, calculate ending inventory and cost of goods soldat June 30, 2015

Ending inventory:

Cost of goods sold:

3) Using weighted-average cost, calculate ending inventory andcost of goods sold at June 30, 2015. (Round yourintermediate and final answers to 2 decimal places.)

Ending inventory:

Cost of goods sold:

Watch
1
answer
0
watching
300
views

For unlimited access to Homework Help, a Homework+ subscription is required.

Irving Heathcote
Irving HeathcoteLv2
28 Sep 2019

Unlock all answers

Get 1 free homework help answer.
Already have an account? Log in
Share

Related questions

I need help figuring out how to add the cost of goods sold andcost of ending inventory given the following information.

Inventory Costing:

LIFO Bordeaux Company has the following information related topurchases and sales of one of its inventory items: Date DescriptionUnits Purchased at Cost Units Sold at Retail

June 1 Beginning Inventory 150 units @ $11 = $1,650

9 Purchase 1 200 units @ $12 = $2,400

14 Sale 1 300 units @ $25

22 Purchase 2 250 units @ $14 = $3,500

29 Sale 2 225 units @ $25

Assume that Bordeaux Company uses a perpetual inventorysystem.

Required:

Calculate the cost of goods sold and the cost of endinginventory using the LIFO inventory costing method.

Cost of goods sold $

Cost of ending inventory $

Sandra’s Purse Boutique has the following transactions relatedto its top-selling Gucci purse for the month of October2015. Sandra's Purse Boutique uses a periodic inventory system.

Date Transactions Units Cost perUnit TotalCost
October 1 Beginning inventory 6 $720 $ 4,320
October 4 Sale 4
October 10 Purchase 5 730 3,650
October 13 Sale 3
October 20 Purchase 4 740 2,960
October 28 Sale 7
October 30 Purchase 6 750 4,500
$15,430
Required:
1.

Calculate ending inventory and cost of goods sold at October 31,2015, using the specific identification method. The October 4 saleconsists of purses from beginning inventory, the October 13 saleconsists of one purse from beginning inventory and two purses fromthe October 10 purchase, and the October 28 sale consists of threepurses from the October 10 purchase and four purses from theOctober 20 purchase.

2.

Using FIFO, calculate ending inventory and cost of goods sold atOctober 31, 2015.

3.

Using LIFO, calculate ending inventory and cost of goods sold atOctober 31, 2015.

4.

Using weighted-average cost, calculate ending inventory and costof goods sold at October 31, 2015.(Round your intermediateand final answers to 2 decimal places.)

10.

Ferris Company began 2016 with 6,000 units of its principalproduct. The cost of each unit is $6. Merchandise transactions forthe month of January 2016 are as follows:

Purchases
Date ofPurchase Units Unit Cost* Total Cost
Jan. 10 5,000 $ 7 $ 35,000
Jan. 18 6,000 8 48,000
Totals 11,000 $ 83,000
*Includes purchase price andcost of freight.
Sales
Date of Sale Units
Jan. 5 3,000
Jan. 12 2,000
Jan. 20 4,000
Total 9,000
8,000 units were on hand at theend of the month.
Required:

Calculate January's ending inventory and cost of goods sold forthe month using each of the following alternatives:

FIFO Cost of Goods Available for Sale Cost of Goods Sold - Periodic FIFO Ending Inventory - Periodic FIFO
# of units Cost per unit Cost of Goods Available for Sale # of units sold Cost perunit Cost of Goods Sold # of units in ending inventory Cost per unit Ending Inventory
BeginningInventory 6,000 $6.00 $36,000 6,000 $6.00 $36,000 $6.00 $0
Purchases:
January 10 5,000 $7.00 35,000 $7.00 0 $7.00 0
January 18 6,000 $8.00 48,000 $8.00 0 $8.00 0
Total 17,000 $119,000 6,000 $36,000 $0
LIFO Cost of Goods Available for Sale Cost of Goods Sold - Periodic LIFO Ending Inventory - Periodic LIFO
# ofunits Cost perunit Cost ofGoods Available for Sale # of unitssold Cost perunit Cost ofGoods Sold # of unitsin ending inventory Cost perunit EndingInventory
Beginning Inventory
Purchases:
January 10
January 18
Total
AverageCost Cost ofGoods Available for Sale Cost ofGoods Sold - Average Cost EndingInventory - Average Cost
# of units Average Cost per unit Cost of Goods Available for Sale # of units sold Average Cost per Unit Cost of Goods Sold # of units in ending inventory Average Cost per unit Ending Inventory
Beginning Inventory 6,000 $36,000
Purchases:
January 10 5,000 35,000
January 18 6,000 48,000
Total 17,000 $119,000
PerpetualLIFO: Cost of Goods Available for Sale Cost of Goods Sold - January 5 Cost of Goods Sold - January 12 Cost ofGoods Sold - January 20 Inventory Balance
# of units Cost per unit Cost of Goods Available for Sale # of units sold Cost per unit Cost of Goods Sold # of units sold Cost per unit Cost of Goods Sold # of unitssold Cost perunit Cost ofGoods Sold # of units in ending inventory Cost per unit Ending Inventory
Beg. Inventory
Purchases:
January 10
January 18
Total
Perpetual Average Inventory on hand Cost of Goods Sold
# of units Cost per unit Inventory Value # of units sold Avg.Cost per unit Cost of Goods Sold
Beginning Inventory
Sale - January5
Subtotal Average Cost
Purchase - January 10
Subtotal Average Cost
Sale - January12
Subtotal Average Cost
Purchase - January18
SubtotalAverage Cost
Sale - January 20
Total

Weekly leaderboard

Home
Homework Help 3,900,000
Accounting 580,000
Start filling in the gaps now
Log in