Accounting question
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 | 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.
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.)
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Required informationSkip to question[The following information applies to the questions displayed below.] During the year, Trombley Incorporated has the following inventory transactions. DateTransactionNumberof UnitsUnitCostTotal CostJan.1Beginning inventory17$19$323Mar.4Purchase2218396Jun.9Purchase2717459Nov.11Purchase271540593$1,583 For the entire year, the company sells 70 units of inventory for $27 each.2. Using LIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit.
During the year, Trombley Incorporated has the following inventory transactions. Date Transaction Number of Units Unit...
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.
Required information (The following information applies to the questions displayed below.) During the year, Trombley Incorporated...
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,...
Weighted-Average Cost Required information Exercise 6-5A Calculate inventory amounts when costs are declining (L06-3) [The following...
Weighted-Average Cost
Required information Exercise 6-5A Calculate inventory amounts when costs are declining (L06-3) [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 29 Date Transaction Jan. 1 Beginning inventory Mar. 4 Purchase Jun. 9 Purchase Nov. 11 Purchase 34 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. Exercise...
Required information The following information applies to the questions displayed below) During the year. Trombley Incorporated...
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...
During the year, Trombley Incorporated has the following inventory transactions. Number of Units 27 Date Transaction...
During the year, Trombley Incorporated has the following inventory transactions. Number of Units 27 Date Transaction Jan. 1 Beginning inventory Mar. 4 Purchase Jun. 9 Purchase Nov.11 Purchase Unit Cost $ 29 28 27 32 37 Total Cost $ 783 896 999 925 $3,603 37 25 133 For the entire year, the company sells 100 units of inventory for $37 each. 1. Using FIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. FIFO Cost of Goods...
Required information Exercise 6-5A Calculate inventory amounts when costs are declining (LO6-3) {The following information applies...
Required information Exercise 6-5A Calculate inventory amounts when costs are declining (LO6-3) {The following information applies to the questions displayed below.) During the year. Trombley Incorporated has the following inventory transactions, Number of Units 19 Unit Cost $ 21 Date Transaction Jan. 1 Beginning inventory Mar. 4 Purchase Jun. 9 Purchase Nov. 11 Purchase 20 Total Cost $ 399 480 552 493 $1,923 For the entire year, the company sells 80 units of inventory for $29 each 3 2. Using...
LIFO: Required information Exercise 6-5A Calculate inventory amounts when costs are declining (L06-3) [The following information...
LIFO:
Required information Exercise 6-5A Calculate inventory amounts when costs are declining (L06-3) [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 Mar. 4 Purchase Jun. 9 Purchase Nov. 11 Purchase 34 Total Cost $ 899 1,020 1,131 1,053 $4,103 39 For the entire year, the company sells 110 units of inventory for $39 each. Exercise 6-5A...
FIFO: Required information Exercise 6-5A Calculate inventory amounts when costs are declining (LO6-3) [The following information...
FIFO:
Required information Exercise 6-5A Calculate inventory amounts when costs are declining (LO6-3) [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 29 Date Transaction Jan. 1 Beginning inventory Mar. 4 Purchase Jun. 9 Purchase Nov. 11 Purchase 39 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. Exercise 6-5A...
Required information (The following information applies to the questions displayed below.) During the year, Trombley Incorporated...
Required information (The following information applies to the questions displayed below.) During the year, Trombley Incorporated has the following inventory transactions. Number of Units 13 Date Transaction Jan. 1 Beginning inventory Mar. 4 Purchase Jun. 9 Purchase Nov.11 Purchase Unit Cost $ 15 14 13 11 Total Cost $ 195 252 299 23 23 253 $ 999 For the entire year, the company sells 61 units of inventory for $23 each. Required: 1. Using FIFO, calculate ending inventory, cost of...
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,...
Weighted-Average Cost
Required information Exercise 6-5A Calculate inventory amounts when costs are declining (L06-3) [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 29 Date Transaction Jan. 1 Beginning inventory Mar. 4 Purchase Jun. 9 Purchase Nov. 11 Purchase 34 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. Exercise...
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...
During the year, Trombley Incorporated has the following inventory transactions. Number of Units 27 Date Transaction Jan. 1 Beginning inventory Mar. 4 Purchase Jun. 9 Purchase Nov.11 Purchase Unit Cost $ 29 28 27 32 37 Total Cost $ 783 896 999 925 $3,603 37 25 133 For the entire year, the company sells 100 units of inventory for $37 each. 1. Using FIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. FIFO Cost of Goods...
Required information Exercise 6-5A Calculate inventory amounts when costs are declining (LO6-3) {The following information applies to the questions displayed below.) During the year. Trombley Incorporated has the following inventory transactions, Number of Units 19 Unit Cost $ 21 Date Transaction Jan. 1 Beginning inventory Mar. 4 Purchase Jun. 9 Purchase Nov. 11 Purchase 20 Total Cost $ 399 480 552 493 $1,923 For the entire year, the company sells 80 units of inventory for $29 each 3 2. Using...
LIFO:
Required information Exercise 6-5A Calculate inventory amounts when costs are declining (L06-3) [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 Mar. 4 Purchase Jun. 9 Purchase Nov. 11 Purchase 34 Total Cost $ 899 1,020 1,131 1,053 $4,103 39 For the entire year, the company sells 110 units of inventory for $39 each. Exercise 6-5A...
FIFO:
Required information Exercise 6-5A Calculate inventory amounts when costs are declining (LO6-3) [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 29 Date Transaction Jan. 1 Beginning inventory Mar. 4 Purchase Jun. 9 Purchase Nov. 11 Purchase 39 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. Exercise 6-5A...
Required information (The following information applies to the questions displayed below.) During the year, Trombley Incorporated has the following inventory transactions. Number of Units 13 Date Transaction Jan. 1 Beginning inventory Mar. 4 Purchase Jun. 9 Purchase Nov.11 Purchase Unit Cost $ 15 14 13 11 Total Cost $ 195 252 299 23 23 253 $ 999 For the entire year, the company sells 61 units of inventory for $23 each. Required: 1. Using FIFO, calculate ending inventory, cost of...
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