Question

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.

Answer 1

Since question is not quoted, i have calculated cost of goods sold, ending inventory and gross profit using FIFO

Cost of Goods Sold

Date	Transaction	Units	Unit Cost	Total Cost
Jan-01	Beginning Inventory	17	$            19	$           323
Mar-04	Purchase	22	$            18	$           396
Jun-09	Purchase	27	$            17	$           459
Nov-11	Purchase	4	$            15	$             60
	Total	70		$        1,238

Ending Inventory = 23 x $15 = $345

Gross Profit = Sales Revenue - Cost of Goods Sold
= 70 x $27 - $1238 = $652