[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.
2. Using LIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit.
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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.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.)
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 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,...
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...
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...
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. 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...
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. Vurber Unit COST Date Transaction Jan. 1 Beginning inventory Mar. 4 Purchase Jun. 9 Purchase Nov.11 Purchase Total Cost $ 399 480 551 493 $1,923 For the entire year, the company sells 80 units of inventory for $29 eoch Required: 1. Using FIFO, calculate ending inventory, cost of goods sold, sales...
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...
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...