Question

# Jimmie’s Fishing Hole has the following transactions related to its top-selling Shimano fishing reel for the...

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

 Date Transactions Units Unit Cost Total Cost June 1 Beginning inventory 16 \$ 170 \$ 2,720 June 7 Sale 11 June 12 Purchase 10 160 1,600 June 15 Sale 12 June 24 Purchase 10 150 1,500 June 27 Sale 8 June 29 Purchase 10 140 1,400 \$ 7,220

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

Ending inventory-

Cost of goods sold-

Periodic Inventory system is a system of inventory recording. In this system inventories are updated periodically like monthly, half yearly or yearly.

 Goods Available for sale (Refer Note 1) \$7,220 Divide by: Units available for sale (Refer Note 1) 46 Average Unit Cost \$156.96 Multiply by: Number of Units Sold (11+12+8) 31 Cost of Goods Sold \$4,865.76 Ending Inventory (15 Units * Avg Unit Cost \$156.96) \$2,354.40
 Goods Available for Sale Units \$/Unit \$\$ Jun.1 Beginning Inventory 16 \$170 \$2,720 June.12 Purchases 10 \$160 \$1,600 June.24 Purchases 10 \$150 \$1,500 June.29 Purchases 10 \$140 \$1,400 Goods Available for Sale (A) 46 \$7,220

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