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I need solution for both number 2 and 3 Required information (The following information applies to the questions displayed below.] During the year, Trombley Incorporated
I need solution for both number 2 and 3
Required information (The following information applies to the questions displayed below.] 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 23 28 33 33 Unit Cost $ 25 24 23 21 Total Cost $ 575 672 759 693 $2,699 117 For the entire year, the company sells 89 units of inventory for $33 each. 2. Using LIFO, calculate ending inventory, cost of goods sold, sales revenue, and 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 Ending per unit Inventory 23 $ 25 $ 575 Beginning Inventory Purchases: Mar 04 28 $ 24 672 Jun 09 33 $ 23 759 Nov 11 33 $ 21 693 Total 117 2.699 Sales revenue Gross profit 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.) Cost of Goods Available for Sale Cost of Goods Sold - Weighted Average Cost Ending Inventory - Weighted Average Cost Weighted Average Cost Average cost of Goods # of units Cost per Available for unit Sale # of units Sold Average Cost per Unit Cost of Goods Sold # of units in Ending Inventory Average Cost per unit Ending Inventory 23 $ 575 Beginning Inventory Purchases: Mar 4 28 672 Jun. 9 33 759 Nov. 11 33 693 Total 117 $ 2,699 Sales revenue Gross profitStep by Step Solution
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