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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
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 20 25 30 30 105 Unit Cost $ 22 21 20 18 Total Cost $ 440 525 600 540 $2,105 For the entire year, the company sells 81 units of inventory for $30 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 # of units Cost per # of units Cost per unit Cost of Goods Available for Sale $ 0 Cost of Goods Sold # of units unit Cost Ending per unit Inventory $ 0 $ 0 0 $ 0 0 Beginning Inventory Purchases: Mar 04 Jun 09 Nov 11 Total 0 $ 0 0 0 $ 0 0 0 $ 0 Sales revenue Gross profit
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