Question

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.

Answer 1

Periodic: FIFO Cost of Goods Sold Inventory Balance Goods Purchasd cost of Goods Available for Cost Per Unit sales 13 15 195 Cost Per Cost of # of # of Units sold Unit Goods Sold Units 13 15 195 Cost Per Unit Ending Inventory 0 15 # of Units Beg Inventory Purchases Mar-01 Tun-091 Nov-11 Totals 1 4 2 52 18 231 23 771 131 11 18 14 252 23 13 299 711 61823 0 0 16 161 14 13 11 0 0 1761 1761 253 999 1 Sales Revenue Gross Profit 61623 1403-823 403 580 Periodic :LIFO | Goods Purchasd Cost of Goods Sold Inventory Balance cost of Goods Available for sales 195 Avg Cost per unit 13 15 # of Units # of Units sold 0 Avg Cost Cost of per unit Goods Sold 150 #of Avg Cost per Ending Units unit Inventory 13 15 195 42 Purchases Mar-01 Jun-09 Nov-11 Totals 18 23 23 771 14 13 11 2103 299 252 299 253 9991 151 23 23 61 14 13 11 253 762 16 237 1 Sales Revenue Gross Profit 61623 1403-762 403 641

Periodic: Weighted Average Goods Purchasd Cost of Goods Sold Inventory Balance # of Units Avg Cost per unit cost of Goods Available for sales # of Units sold Avg Cost Cost of # of per unit Goods Sold Units Avg Cost per unit Ending Inventory 13 15 195 Beg Inventory Purchases Mar-01 Jun-09 Nov-11 Totals 18 23 23 77 14 13 11 12.97 252 299 253 999 61 12.97 791 16 12.9700 208 Per Unit Rate =999/77 = 12.97 Sales Revenue Gross Profit 6123 1403-791 1403 612