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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 18 $

During the year, Trombley Incorporated has the following inventory transactions.

Date Transaction Number
of Units
Unit
Cost
Total Cost
Jan. 1 Beginning inventory 18 $ 20 $ 360
Mar. 4 Purchase 23 19 437
Jun. 9 Purchase 28 18 504
Nov. 11 Purchase 28 16 448


97 $ 1,749





For the entire year, the company sells 71 units of inventory for $28 each.

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Using FIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. Using UFO, calculate ending inventory cost of goods sold, sales revenue, and gross profit 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.) Which method will result in higher profitability when inventory costs are declining? LIFO weighted-average FIFO

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