Exercise 6-5A Calculate inventory amounts when costs are declining (LO6-3) [The following information applies to the questions displayed below.) During the year, Trombley Incorporated has the following inventory transactions. Vurber Unit COST Date Transaction Jan. 1 Beginning inventory Mar. 4 Purchase Jun. 9 Purchase Nov.11 Purchase Total Cost $ 399 480 551 493 $1,923 For the entire year, the company sells 80 units of inventory for $29 eoch Required: 1. Using FIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. FIFO Cost of Goods Sold Ending Inventory Cost of Goods Available for Sale Cost of # of units Cost per Goods unit Available for Sale 195 21 5 399 Cost per unit Cost Ending of units per unit Inventory Cost of Goods Sold 5 399 19 S 21 Beginning Inventory Purchases Mar 04 Jun 09 Nov 11 Total 24 S 20 29 $ 19 297 5 17 101 480 551 493 1.923 24 s 20 29 S 19 29 5 17 17 5511 493 S Sales revenue Gross profit Prev 1 2 3 4 9 11 Next > ere to search ASIS