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		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 inventory, cost of goods sold, sales revenue, and gross profit.

	FIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory # of units Cost per unit Cost of Goods Available for Sale # of units Cost per unit Cost of Goods Sold # of units Cost per unit Ending Inventory Beginning Inventory $0 $0 $0 Purchases: Mar 04 0 $0 0 Jun 09 0 $0 0 Nov 11 0 $0 0 Total 0 $0

	Sales revenue Gross profit

Answer 1