Requireu imomatuIUn [The following information applies to the questions displayed below. During the year, Trombley Incorporated has the following inventory transactions Number Unit Date Transaction of Units Total Cost 624 Cost Jan. 1 Beginning inventory 24 $26 25 Mar. 4 Purchase 29 725 Jun. 9 Purchase 34 24 816 Nov.11 Purchase 34 748 22 121 $2,913 For the entire year, the company sells 90 units of inventory for $34 each. Required: 1. Using FIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. FIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost of Goods Available for Sale Cost of Goods Sold Cost per Cost per unit Cost Ending #of units # of units #of units unit per unit Inventory Beginning Inventory Purchases: Mar 04 Jun 09 Nov 11 Total Sales revenue Gross profit Required information [The following information applies to the questions displayed below.] During the year, Trombley Incorporated has the following inventory transactions Number Unit Date Transaction of Units Cost $ 26 Total Cost Jan. 1 Beginning inventory 24 $ 624 Mar. 4 Purchase 29 25 725 Jun. 9 Purchase 34 24 816 Purchase Nov.11 34 748 22 121 $2,913 For the entire year, the company sells 90 units of inventory for $34 each. 2. Using LIFO, calculate.ending inventory, cost of goods sold, sales revenue, and gross profit. Ending Inventory Cost of Goods Available for Sale Cost of Goods Sold LIFO Cost of Goods Available for Sale Cost of Goods Sold Cost per unit Cost Ending Cost per unit # of units # of units # of units per unit Inventory Beginning Inventory Purchases: Mar 04 Jun 09 Nov 11 Total Sales revenue Gross profit Required information [The following information applies to the questions displayed below During the year, Trombley Incorporated has the following inventory transactions. Number of Units Unit Date Transaction Cost Total Cost Beginning inventory Purchase $ 26 25 Jan. 1 24 624 Mar. 4 29 725 Jun. 9 Purchase 34 24 816 Nov.11 34 748 Purchase 22 121 $2,913 For the entire year, the company sells 90 units of inventory for $34 each. 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.) Ending Inventory- Weighted Average Cost Cost of Goods Sold- Weighted Average Cost Cost of Goods Available for Sale Welghted Average Cost Average Cost of Goods # of units Cost per Available for Sale Average Cost per #of units in Ending Inventory Average Cost per unit # of units Sold Cost of Goods Sold Ending Inventory unit Unit Beginning Inventory Purchases: 624 $ 725 29 Mar.4 816 34 Jun.9 748 34 Nov.11 $ 2,913 121 Total Sales revenue Gross profit 24 Required information [The following information applies to the questions displayed below.] During the year, Trombley Incorporated has the following inventory transactions Number of Units Unit Date Transaction Cost Total Cost Jan. 1 Beginning inventory 24 $ 26 624 Mar. 4 Purchase 29 25 725 Jun. 9 Purchase 34 24 816 Nov.11 Purchase 34 22 748 121 $2,913 For the entire year, the company sells 90 units of inventory for $34 each. 4. Which method will result in higher profitability when inventory costs are declining? Multiple Choice Weighted-average LIFO FIFO
