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During the year, Trombley Incorporated has the following inventory transactions Number of Units Unit Cost $21 19 Date Transaction Jan. 1 Beginning inventory Mar. 4

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During the year, Trombley Incorporated has the following inventory transactions Number of Units Unit Cost $21 19 Date Transaction Jan. 1 Beginning inventory Mar. 4 Purchase Jun. 9 Purchase Nov.11 Purchase Total Cost $ 399 480 551 19 493 $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. 2. Using LIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. Answer is not complete. LIFO Cost of Goods Sold Ending Inventory Cost of Goods Available for Sale # of Cost Cost of Goods units unit Available for Sale Cost per # of units # of Cost per unit Cost of Goods Sold units per Ending Inventory unit Beginning Inventory Purchases: Mar 04 Jun 09 Nov 11 Total 24 29 29 82 $ $ $ 20 19 17 480 551 493 1,524 29 $ 20 29 $ 19 22 * $ 17 80 580 551 374 $ 1,484 24 $ 20 29 * $ 19 29 $ 17 21 480 551 493 439 $ $

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