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During the year, Triumph Incorporated has the following inventory transactions. Number of Date January 1 March 4 June 9 November 11 Transaction Beginning inventory
During the year, Triumph Incorporated has the following inventory transactions. Number of Date January 1 March 4 June 9 November 11 Transaction Beginning inventory Purchase Purchase Purchase Units Unit Cost 20 25 30 30 105 $22 21 20 18 For the entire year, the company sells 81 units of inventory for $30 each. Required: 1-a. & b. Using FIFO, calculate ending inventory, cost of goods sold. 1-c & d. Using FIFO, calculate sales revenue, and gross profit. 2-a & b. Using LIFO, calculate ending inventory, cost of goods sold. Total Cost $440 525 600 540 $2,105 2-c & d. Using LIFO, calculate sales revenue, and gross profit. 3-a & b. Using weighted-average cost, calculate ending inventory, cost of goods sold.
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