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During the year, Trombley Incorporated has the following inventory transactions. Date Transaction Number of Units Unit Cost Total Cost Jan. 1 Beginning inventory 29 $
During the year, Trombley Incorporated has the following inventory transactions.
Date | Transaction | Number of Units | Unit Cost | Total Cost | |||||||||
Jan. | 1 | Beginning inventory | 29 | $ | 31 | $ | 899 | ||||||
Mar. | 4 | Purchase | 34 | 30 | 1,020 | ||||||||
Jun. | 9 | Purchase | 39 | 29 | 1,131 | ||||||||
Nov. | 11 | Purchase | 39 | 27 | 1,053 | ||||||||
141 | $ | 4,103 | |||||||||||
For the entire year, the company sells 110 units of inventory for $39 each.
Using LIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit.
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