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 Jan. 1 Beginning inventory Mar. 4 Purchase Jun. 9 Purchase Nov. 11 Purchase

image text in transcribed

During the year, Trombley Incorporated has the following inventory transactions. Date Transaction Jan. 1 Beginning inventory Mar. 4 Purchase Jun. 9 Purchase Nov. 11 Purchase Number of Units 22 27 32 32 113 Unit Cost $ 24 23 22 20 Total Cost $ 528 621 704 640 $2,493 For the entire year, the company sells 88 units of inventory for $32 each. Required: 1. Using FIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. X Answer is not complete. FIFO Cost of Goods Sold Ending Inventory Cost of Goods Available for Sale Cost of Cost # of Goods units per Available unit for Sale # of units Cost per unit Cost of Goods Sold # of units Cost per unit Ending Inventory 22$ 24 > $ 528 22 $ 24 $ 528 Beginning Inventory Purchases: Mar 04 621 27 $ 23 621 27 $ 23 32 $ 22 Jun 09 OOO 704 32 $ 22 704 Nov 11 32 $ 20 640 5 X $ 20 100 Total 113 $ 2,493 113 x $ 2,493 X Answer is complete but not entirely correct. Sales revenue $ 2,816 323 Gross profit $

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

Auditing And GRC Automation In SAP

Authors: Maxim Chuprunov

1st Edition

3642353010, 9783642353017

More Books

Students also viewed these Accounting questions

Question

11.5 Describe the grievance procedure in a union environment.

Answered: 1 week ago

Question

11.6 Explain union decertification.

Answered: 1 week ago