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In: AccountingJimmie’s Fishing Hole has the following transactions related toits top-selling Shimano fishing reel for the...Jimmie’s Fishing Hole has the following transactions related toits top-selling Shimano fishing reel for the month ofJune. Jimmie’s Fishing Hole uses a periodic inventorysystem. DateTransactionsUnitsCost perUnitTotalCost June 1Beginning inventory16 $190 $ 3,040 June 7Sale11 June 12Purchase10 180 1,800 June 15Sale12 June 24Purchase10 170 1,700 June 27Sale8 June 29Purchase9 160 1,440 $7,980 3.Required informationRequired:1. Calculate ending inventory and cost of goods sold atJune 30, using the specific identification method. The June 7 saleconsists of fishing reels from beginning inventory, the June 15sale consists of three fishing reels from beginning inventory andnine fishing reels from the June 12 purchase, and the June 27 saleconsists of one fishing reel from beginning inventory and sevenfishing reels from the June 24 purchase. 4.Required information2. Using FIFO, calculate ending inventory andcost of goods sold at June 30.5.Required information3. Using LIFO, calculate ending inventory andcost of goods sold at June 30.