Answered step by step
Verified Expert Solution
Question
1 Approved Answer
[The following information applies to the questions displayed below.] During the year, Trombley Incorporated has the following inventory transactions. Date Transaction Number of Units Unit
[The following information applies to the questions displayed below.]
During the year, Trombley Incorporated has the following inventory transactions.
Date | Transaction | Number of Units | Unit Cost | Total Cost | |||||||||
Jan. | 1 | Beginning inventory | 19 | $ | 21 | $ | 399 | ||||||
Mar. | 4 | Purchase | 24 | 20 | 480 | ||||||||
Jun. | 9 | Purchase | 29 | 19 | 551 | ||||||||
Nov. | 11 | Purchase | 29 | 17 | 493 | ||||||||
101 | $ | 1,923 | |||||||||||
For the entire year, the company sells 80 units of inventory for $29 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.)
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