Question

Required Information [The following information applies to the questions displayed below.] 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 perlodic inventory system. Transactions Units Unit Cost Date Total Cost Beginning inventory $330 5,280 June 1 June 7 16 Sale 11 3,200 June 12 Purchase 10 320 June 15 Sale 12 June 24 Purchase 10 310 3,100 June 27 Sale 8 Purchase 2,400 June 29 8 300 $13,980 4. 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

Answer 1

Answer-4)- Ending inventory = $3965.40.

Cost of goods sold= $10014.60.

Explanation-

Weighted Average cost Method
	Goods purchased		Cost of goods sold			Inventory balance
Date	# of units	Cost per unit	# of units sold	Cost per unit	Cost of goods sold	# of units	Cost per unit	Inventory balance
Jun-01						16	330.00	5280.00
Jun-07			11	330.00	3630.00	5	330.00	1650.00
Jun-12	10	320				5	330.00	1650.00
						10	320.00	3200.00
Average Cost						15	323.33	4850.00
Jun-15			12	323.33	3879.96	3	323.33	9130.00
Jun-24	10	310				3	323.33	969.99
						10	310.00	3100.00
Average Cost						13	313.08	4069.99
Jun-27			8	313.08	2504.64	5	313.08	1565.40
Jun-29	8	300.00				5	313.08	1565.40
						8	300.00	2400.00
Average Cost						13	305.03	3965.40
Totals			31		10014.60	13		3965.40