The following information applies to the questions displayed

The following information applies to the questions displayed below.J During the year, Trombley Incorporated has the following inventory transactions. Number Unit Date Transaction of Units Cost Total Cost Jan. 1 Beginning Mar. 4 Purchase Jun. 9 Purchase Nov. 11 Purchase 13 $15 18 23 23 195 inventory 14 13 252 299 253 $ 999 For the entire year, the company sells 61 units of inventory for $23 each. value: 10.00 points Required 1. Using FIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. Cost of Goods Available FIFO Cost of Goods Sold Ending Inventory for Sale Average Cost of AveragCost of # of Cost Goods # of | Cost | units per Goods #of . Cost endin Available units per Sold units per Invent unit unit for Sale unit Beginning 13 15 195 13$ 15 S 195 Inven Purchases: Mar 04 Jun 09 Nov 11 18 23 252 299 253 18 23 252 299 253 13 13 Total Sales revenue Gross profit

Solution

STATEMENT SHOWING INVENTORY RECORD UNDER PERIODIC FIFO METHOD RECIEPTS COST OF GOODS SOLD BALANCE DATE UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ 1-Jan 13 15 195 13 15 195 Purchasse 4-Mar 18 14 252 18 14 252 9-Jun 23 13 299 23 13 299 11-Nov 23 11 253 7 11 77 16 11 176 TOTAL 77 999 61 823 16 176 Sales revenue (61 units @ 23) 1403 Less: COGS 823 Gross profit 580 STATEMENT SHOWING INVENTORY RECORD UNDER PERIODIC LIFO METHOD RECIEPTS COST OF GOODS SOLD BALANCE DATE UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ 1-Jan 13 15 195 13 15 195 Purchasse 4-Mar 18 14 252 15 14 210 3 14 42 9-Jun 23 13 299 23 13 299 11-Nov 23 11 253 23 11 253 TOTAL 77 999 61 762 16 237 Sales revenue (61 units @ 23) 1403 Less: COGS 762 Gross profit 641 STATEMENT SHOWING INVENTORY RECORD UNDER PERIODIC WEIGHTED AVERAGE METHOD RECIEPTS COST OF GOODS SOLD BALANCE DATE UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ 1-Jan 13 15 195 Purchasse 4-Mar 18 14 252 9-Jun 23 13 299 11-Nov 23 11 253 TOTAL 77 12.97 999 61 12.97 791 16 12.97 208 Sales revenue (61 units @ 23) 1403 Less: COGS 791 Gross profit 612