During 2018 Trombley Incorporated has the following inventor

During 2018, Trombley Incorporated has the following inventory transactions Number of Units 28 Date Jan. 1 Mar. 4 Jun. 9 Nov. 11 Unit Cost $ 30 29 28 26 Transaction Beginning inventory Purchase Purchase Purchase Total Cost $ 840 957 1,064 988 38 38 137 $3,849 For the entire year, the company sells 101 units of inventory for $38 each.

Solution

Cost of goods available for sale Units Per unit Amount Beginning inventory 28 30 840 Purchases Mar-04 33 29 957 Jun-09 38 28 1064 Nov-11 38 26 988 Total 137 3849 Cost of goods sold Units Per unit Amount Beginning inventory 28 30 840 Purchases Mar-04 33 29 957 Jun-09 38 28 1064 Nov-11 2 26 52 Total 101 2913 Ending inventory Units Per unit Amount Beginning inventory 0 Purchases Mar-04 0 Jun-09 0 Nov-11 36 26 936 Total 36 936 Sales revenue 3838 (101*38) Cost of goods sold 2913 Gross profit 925