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During the year, Trombley Incorporated has the following inventory transactions. During the year, Trombley Incorporated has the following inventory transactions. Date Jan. 1 Mar. 4
During the year, Trombley Incorporated has the following inventory transactions.
During the year, Trombley Incorporated has the following inventory transactions. Date Jan. 1 Mar. 4 Jun. 9 Nov. 11 Number of Units 23 28 Unit Cost S 25 24 23 21 Total Cost S 575 672 759 693 Transaction Beginning Inventory Purchase Purchase Purchase S 2.699 For the entire year, the company sells 89 units of inventory for $33 each. Required 1. Using FIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. FIFO Cost of Goods Available for Sale Average | unit Cost of Goods Sold Ending Inventory Cost of Average Ending Goods Available for Sale Average Cost of Goods Sold # of units | Cost per | # of units Cost per | | # of units | Cost per unit Invento unit Beginning Inventory 23 Purchases Mar 04 Jun 09 Nov 11 28 Total Sales revenue Gross profit 2. Using LIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost of # of units | Cost per | Available unit Average | Goods | # of units Average Cost of Cost per | Goods Sold Average Ending | # of units Cost per unit nvento unit for Sale Beginning Inventory Purchases Mar 04 Jun 09 Nov 11 Total Sales revenue Gross proft 3. Using weighted-average cost, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. (Round 'Weighted-Average Cost per unit" to 2 decimal places.) ost Ending Inventory - Weight Cost of Goods Available for Sale Average Cost Average Cost of in Ending Average Cost Weighted Average Cost Cost of Goods | # of units | Cost per Available for # of units | Average | Ending Inventory Average # of units Cost per Goods Sol Cost per Inventory unit Sale Unit Inventory unit Beginning Inventory 23 575 Purchases Mar.4 Jun.9 Nov. 11 672 759 693 2,699 28 Total Sales revenue Gross profitStep by Step Solution
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