Business, 23.07.2020 04:01 davidsteck99
During the year, Trombley Incorporated has the following inventory transactions.
Date Transaction Number
of Units Unit
Cost Total Cost
Jan. 1 Beginning inventory 11 $13 $ 143
Mar. 4 Purchase 16 12 192
Jun. 9 Purchase 21 11 231
Nov. 11 Purchase 21 9 189
69 $ 755
For the entire year, the company sells 51 units of inventory for $21 each.
A: Using FIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit.
B:Using LIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit
C:Using weighted-average cost, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. (Round "Weighted-Average Cost per unit" to 2 decimal places.)
D: Which method will result in higher profitability when inventory costs are declining?
Answers: 1
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During the year, Trombley Incorporated has the following inventory transactions.
Date Transaction N...
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