LIFO:

Required information Exercise 6-5A Calculate inventory amounts when costs are declining (L06-3) [The following information applies to the questions displayed below.] During the year, Trombley Incorporated has the following inventory transactions. Number of Units Unit Cost $ 31 Date Transaction Jan. 1 Beginning inventory Mar. 4 Purchase Jun. 9 Purchase Nov. 11 Purchase 34 Total Cost $ 899 1,020 1,131 1,053 $4,103 39 For the entire year, the company sells 110 units of inventory for $39 each. Exercise 6-5A Part 2 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 Cost of Goods Available for Sale # of units Cost per Cost of Goods Sold # of units Cost Ending per unit Inventory unit unit Beginning Inventory Purchases: Mar 04 Jun 09 Nov 11 Total