accounting Homework
! Required information [The following information applies to the questions displayed below.) During the year, Trombley Incorporated has the following inventory transactions. Date Transaction Jan. 1 Beginning inventory Mar. 4 Purchase Jun. 9 Purchase Nov. 11 Purchase Number of Units 19 24 29 29 101 Unit Cost $ 21 20 19 17 Total Cost $ 399 480 551 493 $1,923 For the entire year, the company sells 80 units of inventory for $29 each. Required: 1. Using FIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. FIFO Cost of Goods Sold Ending Inventory Cost of Goods Available for Sale Cost of Cost per Goods # of units unit Available for Sale # of units Cost per unit Cost of Goods Sold # of units Cost Ending per unit Inventory $ 0 $ 0 $ 0 $ Beginning Inventory Purchases: Mar 04 Jun 09 Nov 11 Total 0 0 0 $ 0 0 0 $ 0 0 0 $ 0 0 Sales revenue Gross profit Required information (The following information applies to the questions displayed below. During the year, Trombley Incorporated has the following inventory transactions. Date Transaction Jan. 1 Beginning inventory Mar. 4 Purchase Jun. 9 . Purchase Nov.11 Purchase Number of Units 19 24 29 29 101 Unit Cost $ 21 20 19 17 Total Cost $ 399 480 551 493 $1,923 For the entire year, the company sells 80 units of inventory for $29 each. 2. Using LIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. LIFO Cost of Goods Sold Ending Inventory Cost of Goods Available for Sale Cost of # of units Cost per Goods unit Available for Sale # of units Cost per unit Cost of Goods Sold # of units Cost Ending per unit Inventory 0 0 ol Beginning Inventory Purchases: Mar 04 Jun 09 Nov 11 Total 0 0 $ 01 Sales revenue Gross profit ework Saved Required information [The following information applies to the questions displayed below.] During the year, Trombley Incorporated has the following inventory transactions. Date Transaction Jan. 1 Beginning inventory Mar. 4 Purchase Jun. 9 Purchase Nov.11 Purchase Number of Units 19 24 29 29 101 Unit Cost $ 21 20 19 17 Total Cost $ 399 480 551 493 $1,923 For the entire year, the company sells 80 units of inventory for $29 each. 3. Using weighted average cost, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. (Round "Average Cost per unit" to 2 decimal places and all other answers to the nearest whole number.) Cost of Goods Available for Sale Weighted Average Cost Average Cost of Goods # of units Cost Available for per unit Sale Cost of Goods Sold - Weighted Average Cost # of units Average Cost of Cost per Sold Unit Goods Sold Ending Inventory - Weighted Average Cost # of units Average in Ending Cost per Ending Inventory Inventory unit 19 $ 399 24 480 Beginning Inventory Purchases: Mar.4 Jun.9 Nov 11 Total 29 551 29 493 101 $ 1,923 Sales revenue Gross profit Required information [The following information applies to the questions displayed below.] During the year, Trombley Incorporated has the following inventory transactions. Date Transaction Jan. 1 Beginning inventory Mar. 4 Purchase Jun. 9 Purchase Nov. 11 Purchase Number of Units 19 24 29 29 101 Unit Cost $ 21 20 19 17 Total Cost $ 399 480 551 493 $1,923 For the entire year, the company sells 80 units of inventory for $29 each. 4. Which method will result in higher profitability when inventory costs are declining? s Multiple Choice LIFO Weighted-average FIFO 92 inn
