During the year, Trombley Incorporated has the following inventory transactions. Number Unit Date Transaction of Units Cost Total Cost Jan. Beginning inventory 19 $ 21 2$ 399 Mar. 4 Purchase 24 20 480 Jun. 9 Purchase 29 19 551 Nov.11 Purchase 29 17 493 101 $1,923 For the entire year, the company sells 80 units of inventory for $29 each. 2. Using LIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. LIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost of Goods Cost of Cost per Cost per Ending per unit Inventory Cost # of units # of units # of units Goods Sold unit Available unit for Sale Beginning Inventory Purchases: Mar 04 Jun 09 Nov 11 Total Sales revenue Gross profit
During the year, Trombley Incorporated has the following inventory transactions. Number Unit Date Transaction of Units Cost Total Cost Jan. Beginning inventory 19 $ 21 2$ 399 Mar. 4 Purchase 24 20 480 Jun. 9 Purchase 29 19 551 Nov.11 Purchase 29 17 493 101 $1,923 For the entire year, the company sells 80 units of inventory for $29 each. 2. Using LIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. LIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost of Goods Cost of Cost per Cost per Ending per unit Inventory Cost # of units # of units # of units Goods Sold unit Available unit for Sale Beginning Inventory Purchases: Mar 04 Jun 09 Nov 11 Total Sales revenue Gross profit
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 14RE: On January 1 of Year 1, Dorso Company adopted the dollar-value LIFO method of inventory costing....
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