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Required information Exercise 6-5A Calculate inventory amounts when costs are declining (LO6-3) [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 30 35 40 40 145 Unit Cost $ 32 31 3e 28 Total Cost $ 960 1,885 1,200 1,120 $4,365 For the entire year, the company sells 111 units of inventory for $40 each. Exercise 6-5A Part 1 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 # of units Goods unit Available for Sale 30s 32 $ 960 Cost per # of units Cost per unit Cost of Goods Sold #of units Cost Ending per unit Inventory 30 $ 32 $ 960 Beginning Inventory Purchases: Mar 04 Jun 09 Nov 11 Total 35s 31 40 $ 31 30 28 30 1,085 1200 1,120 4.365 35 $ 40 $ 400 $ 145 1,085 1.200 1,120 40 s 28 145 $ Sales revenue Gross profit Required information Exercise 6-5A Calculate inventory amounts when costs are declining (L06-3) [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 3e 35 4e 4e 145 Unit Cost $ 32 31 30 28 Total Cost $ 960 1,085 1,200 1,120 $4,365 For the entire year, the company sells 111 units of inventory for $40 each. Exercise 6-5A Part 2 2. Using LIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. LIFO Ending Inventory Cost of Goods Available for Sale Cost of Goods Sold Cost of Cost of Cost per # of units Goods # of units Goods unit Available unit Sold for Sale $ 0 Cost per #of units Cost Ending per unit Inventory Beginning Inventory Purchases Mar 04 Jun 09 Nov 11 Total Oo oo 0 $ Sales revenue Gross profit Required information Exercise 6-5A Calculate inventory amounts when costs are declining (LO6-3) [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 30 35 40 40 145 Unit Cost $ 32 31 30 28 Total Cost $ 960 1,085 1,200 1,120 $4,365 For the entire year, the company sells 111 units of inventory for $40 each. Exercise 6-5A Part 3 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 per Available for unit Sale Cost of Goods Sold - Weighted Average Cost # of units Average Cost of Sold Cost per Goods Sold Unit Ending Inventory - Weighted Average Cost # of units Average Ending in Ending Cost per Inventory Inventory unit 30 $ 960 Beginning Inventory Purchases Mar 4 Jun. 35 1,085 1200 40 40 Nov. 11 Total 1,120 4,365 145 $ Salos revenus Gross profit
