Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Help with this would be much appreciated! 22 (The following information applies to the questions displayed below.) During the year, Trombley Incorporated has the following

image text in transcribedimage text in transcribedimage text in transcribed

Help with this would be much appreciated!

22 (The following information applies to the questions displayed below.) During the year, Trombley Incorporated has the following inventory transactions. Part 1 of 3 - Date Transaction Jan. 1 Beginning inventory Mar. 4 Purchase Jun. 9 Purchase Nov. 11 Purchase Number of Units 20 25 30 30 195 Unit Cost $ 22 21 20 18 Total Cost $ 440 525 600 540 $2,105 0.13 points For the entire year, the company sells 81 units of inventory for $30 each. eBook Exercise 6-5A Part 1 Hint Required: 1. Using FIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. Print FIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory References # of units Cost per unit Cost of Goods Available for Sale S 0 0 Cost of Goods Sold # of units Cost per unit # of units Cost Ending per unit Inventory S 0 0 0 S 0 0 Beginning Inventory Purchases: Mar 04 Jun 09 Nov 11 Total 0 S 0 0 ol 0 S 0 0 S 0 Sales revenue Gross profit 23 ! Part 2 of 3 Required information Exercise 6-5A Calculate inventory amounts when costs are declining (LO6-3) [The following information applies to the questions displayed below.] 0.13 points 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 20 25 30 30 105 Unit Cost $ 22 21 20 18 eBook Total Cost $ 440 525 600 540 $2,105 001 Hint For the entire year, the company sells 81 units of inventory for $30 each. Print Exercise 6-5A Part 2 References 2. Using LIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. LIFO Cost of Goods Sold Ending Inventory Cost of Cost of Goods Available for Sale Cost of # of units Cost per Goods # unit Available for Sale S 0 0 # of units Cost per # of units unit Goods # of units per unit Inventory Cost Ending Sold 0 Beginning Inventory Purchases: Mar 04 Jun 09 Nov 11 Total 0 0 0 S 0 Sales revenue Gross profit 24 (The following information applies to the questions displayed below.) During the year, Trombley Incorporated has the following inventory transactions. Part 3 of 3 Date Transaction Jan. 1 Beginning inventory Mar. 4 Purchase Jun. 9 Purchase Nov. 11 Purchase Number of Units 20 25 30 30 105 Unit Cost $ 22 21 20 18 Total Cost $ 440 525 600 540 $2,105 0.13 points For the entire year, the company sells 81 units of inventory for $30 each. eBook Exercise 6-5A Part 3 Hint 3. Using weighted-average cost, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. (Round "Average Cost per unit" to 2 decimal places and all other answers to the nearest whole number.) Print . References Weighted Average Cost Cost of Goods Available for Sale Cost of Goods Sold - Weighted Ending Inventory - Weighted Average Average Cost Cost Average cost of Goods # of units Cost of # of units Average # of units Cost per Available for Cost per Sold Ending in Ending Cost per unit Goods Sold Sale Inventory Unit Inventory unit # of units Average 20 $ 440 25 525 Beginning Inventory Purchases: Mar. 4 Jun.9 Nov. 11 Total 30 600 30 540 105 S 2,105 Sales revenue Gross profit

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Fundamental Accounting Principles

Authors: John J Wild, Ken Shaw

25th Edition

1260247988, 978-1260247985

Students also viewed these Accounting questions