Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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.

Sales revenue
Gross profit

LIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory
# of units Cost per unit Cost of Goods Available for Sale # of units Cost per unit Cost of Goods Sold # of units Cost per unit Ending Inventory
Beginning Inventory
Purchases:
Mar 04
Jun 09
Nov 11
Total

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Microeconomics Theory And Applications

Authors: Edgar K. Browning, Mark A. Zupan

10th Edition

0470128917, 9780470128916

More Books

Students also viewed these Accounting questions

Question

=+1. What is a stakeholder? Define the term in your own words.

Answered: 1 week ago