Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Sales Revenue? Gross Profit? [The following information applies to the questions displayed below.) During the year, Trombley Incorporated has the following inventory transactions. Date Transaction
Sales Revenue?
Gross Profit?
[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 15 20 25 25 Unit Cost $ 17 16 15 13 Total Cost $ 255 320 375 325 85 $1,275 For the entire year, the company sells 65 units of inventory for $25 each. .Using weighted average cost, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. (Round "Average Cost er 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 15 $ 255 Beginning Inventory Purchases: Mar 4 20 320 Jun.9 25 375 Nov. 11 25 325 1,275 Total 85 $Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started