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
Transactions
Units
Unit Cost
Total
Cost
June 1
Beginning inventory
16
$200
$3,200
June 7
Sale
11
June 12
Purchase
10
190
1,900
June 15
Sale
12
June 24
Purchase
10
8
180
1,800
June 27
Sale
10
170
1,700
June 29
Purchase
$8,600
- Using LIFO, calculate ending inventory and cost of goods sold at June 30.
Date
Transactions
Units
Unit Cost
Total
Cost
June 1
Beginning inventory
16
$200
$3,200
June 7
Sale
11
June 12
Purchase
10
190
1,900
June 15
Sale
12
June 24
Purchase
10
8
180
1,800
June 27
Sale
10
170
1,700
June 29
Purchase
$8,600