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Required information [The following information applies to the questions displayed below.] During the year, Trombley Incorporated has the following inventory transactions. Number of Units 28
Required information [The following information applies to the questions displayed below.] During the year, Trombley Incorporated has the following inventory transactions. Number of Units 28 33 Unit Cost $ 30 Date Transaction Jan. 1 Beginning inventory Mar. 4 Purchase Jun. 9 Purchase Nov.11 Purchase 29 38 28 Total Cost $ 840 957 1,064 988 $3,849 38 26 137 For the entire year, the company sells 101 units of inventory for $38 each. 2. Using LIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. LIFO Cost of Goods Sold Ending Inventory Cost of Goods Available for Sale Cost of Cost per Goods # of units unit Available for Sale # of units Cost per Cost of Goods Sold # of units Cost Ending per unit Inventory unit Beginning Inventory Purchases: Mar 04 Jun 09 Nov 11 Total Sales revenue Gross profit
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