Answers
FIFO |
Cost of Goods available for sale |
Cost of Goods Sold |
Ending Inventory |
||||||
Units |
Cost/unit |
COG for sale |
Units sold |
Cost/unit |
COGS |
Units |
Cost/unit |
Ending inventory |
|
Beginning Inventory |
27 |
$ 29.00 |
$ 783.00 |
27 |
$ 29.00 |
$ 783.00 |
0 |
$ 29.00 |
$ - |
Purchases: |
|||||||||
04-Mar |
32 |
$ 28.00 |
$ 896.00 |
32 |
$ 28.00 |
$ 896.00 |
0 |
$ 28.00 |
$ - |
09-Jun |
37 |
$ 27.00 |
$ 999.00 |
37 |
$ 27.00 |
$ 999.00 |
0 |
$ 27.00 |
$ - |
11-Nov |
37 |
$ 25.00 |
$ 925.00 |
4 |
$ 25.00 |
$ 100.00 |
33 |
$ 25.00 |
$ 825.00 |
TOTAL |
133 |
$ 3,603.00 |
100 |
$ 2,778.00 |
33 |
$ 825.00 |
FIFO |
|
Sales Revenue |
$ 3,700.00 |
(-) Cost of Goods Sold (as calculated above) |
$ 2,778.00 |
Gross Margin |
$ 922.00 |
LIFO |
Cost of Goods available for sale |
Cost of Goods Sold |
Ending Inventory |
||||||
Units |
Cost/unit |
COG for sale |
Units sold |
Cost/unit |
COGS |
Units |
Cost/unit |
Ending inventory |
|
Beginning Inventory |
27 |
$ 29.00 |
$ 783.00 |
0 |
$ 29.00 |
$ - |
27 |
$ 29.00 |
$ 783.00 |
Purchases: |
|||||||||
04-Mar |
32 |
$ 28.00 |
$ 896.00 |
26 |
$ 28.00 |
$ 728.00 |
6 |
$ 28.00 |
$ 168.00 |
09-Jun |
37 |
$ 27.00 |
$ 999.00 |
37 |
$ 27.00 |
$ 999.00 |
0 |
$ 27.00 |
$ - |
11-Nov |
37 |
$ 25.00 |
$ 925.00 |
37 |
$ 25.00 |
$ 925.00 |
0 |
$ 25.00 |
$ - |
TOTAL |
133 |
$ 3,603.00 |
100 |
$ 2,652.00 |
33 |
$ 951.00 |
LIFO |
|
Sales Revenue |
$ 3,700.00 |
(-) Cost of Goods Sold (as calculated above) |
$ 2,652.00 |
Gross Margin |
$ 1,048.00 |
Average Method |
Cost of Goods available for sale |
Cost of Goods Sold |
Ending Inventory |
||||||
Units |
Cost/unit |
COG for sale |
Units sold |
Cost/unit |
COGS |
Units |
Cost/unit |
Ending inventory |
|
Beginning Inventory |
27 |
$ 29.00 |
$ 783.00 |
||||||
Purchases: |
|||||||||
04-Mar |
32 |
$ 28.00 |
$ 896.00 |
||||||
09-Jun |
37 |
$ 27.00 |
$ 999.00 |
||||||
11-Nov |
37 |
$ 25.00 |
$ 925.00 |
||||||
TOTAL |
133 |
$ 27.0902 |
$ 3,603.00 |
100 |
$ 27.0900 |
$ 2,709.00 |
33 |
$ 27.0900 |
$ 893.97 |
Weighted Average Method |
|
Sales Revenue |
$ 3,700.00 |
(-) Cost of Goods Sold (as calculated above) |
$ 2,709.00 |
Gross Margin |
$ 991.00 |
During the year, Trombley Incorporated has the following inventory transactions. Number of Units 27 Date Transaction...
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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 Unit Cost $ 31 Date Transaction Jan. 1 Beginning inventory Har 4 Purchase Jun. 9 Purchase Nov. 11 Purchase 30 Total cost $899 1,020 1.131 1,053 $4,103 For the entire year, the company sells 110 units of inventory for $39 each Required: 1. Using FIFO. calculate ending inventory, cost of goods sold, sales revenue, and gross...
Required information (The following information applies to the questions displayed below.) During the year, Trombley Incorporated has the following inventory transactions. Number of Units Date Transaction Jan. 1 Beginning inventory Mar. 4 Purchase Jun. 9 Purchase Nov.11 Purchase Unit Cost $ 14 13 12 Total Cost $ 168 221 264 17 10 220 $ 873 For the entire year, the company sells 60 units of inventory for $22 each. Required: 1. Using FIFO, calculate ending inventory, cost of goods sold,...
ork Chapter #6 Help Save & Number of Units Cost Total Cont Date Transaction Jan. 1 Beginning inventory Mar. 14 Purchase Jun. 9 Purchase Nov.11 Purchase 1,020 1.053 $4,103 For the entire year, the company sells 110 units of inventory for $39 each. 12:37 Required: 1. Using FIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost cost per Ending # of units Cost...
[The following information applies to the questions displayed below.] 10 During the year, a company has the following inventory transactions. Number Unit Date Transaction of Units Cost Total Cost Jan. 1 Beginning inventory $ 12 $ 120 Mar. 4 Purchase 15 11 165 Jun. 9 Purchase 20 200 Nov.11 Purchase 160 $ 645 10 : 65 For the entire year, the company sells 50 units of inventory for $20 each. Required: 1. Using FIFO, calculate ending inventory, cost of goods...
Required information [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 21 $ 23 $ 483 Mar. 4 Purchase 26 22 572 Jun. 9 Purchase 31 21 651 Nov. 11 Purchase 31 19 589 109 $ 2,295 For the entire year, the company sells 82 units of inventory for $31 each. Required: 1. Using FIFO, calculate ending...
During the year, Trombley Incorporated has the following inventory transactions. Date Transaction Number of Units Unit Cost Total Cost Jan. 1 Beginning inventory 17 $ 19 $ 323 Mar. 4 Purchase 22 18 396 Jun. 9 Purchase 27 17 459 Nov. 11 Purchase 27 15 405 93 $ 1,583 For the entire year, the company sells 70 units of inventory for $27 each.
During the year, TRC Corporation has the following inventory transactions. Date Transaction Number of Units Unit Cost Total Cost Jan. 1 Beginning inventory 59 $ 51 $ 3,009 Apr. 7 Purchase 139 53 7,367 Jul. 16 Purchase 209 56 11,704 Oct. 6 Purchase 119 57 6,783 526 $ 28,863 For the entire year, the company sells 445 units of inventory for $69 each. Using FIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. Using LIFO, calculate...
Number of Units Unit Cost Date Transaction Jan. 1 Beginning inventory Apr. 7 Purchase Jul.16 Purchase Oct. 6 Purchase Total Cost $ 2,484 6,432 10,404 5,928 $25,248 SOG For the entire year, the company sells 440 units of inventory for $64 each. 2. Using LIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit Cost of Goods Available for Sale LIFO Ending Inventory Cost of Goods Sold Cost per Cost per unit # of units Cost of...
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