ezto.mheducation.com During the year, Trombley Incorporated has the follow ing i

Question

ezto.mheducation.com During the year, Trombley Incorporated has the follow ing inventory transactions of Units Total Cost $22 21 Jon. 1 Mar. 4 un. 9 Now. 11 Beginning inventory 25 30 30 525 600 540 18 S 2.105 For the entire year, the company sells 81 units of inventory for $30 each. 10.00 points You did not receive full credit for this question in o previous attempt Required: 1. Using FIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost of Average Cost of # of units | cost per Available for Sale #or units cost per Goods |#ofunits cost per Sold Beginning Invetory Mar 04 Jun 09 Total Sales revenue Gross profit Hints References eBook& Resources

Explanation / Answer

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 20 22 440 20 22 440 Purchasse 4-Mar 25 21 525 25 21 525 9-Jun 30 20 600 30 20 600 11-Nov 30 18 540 6 18 108 24 18 432 TOTAL 105 2105 81 1673 24 432 Sales revenue 2430 Less: COGS 1673 Ggross profit 757 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 20 22 440 20 22 440 Purchasse 4-Mar 25 21 525 21 21 441 4 21 84 9-Jun 30 20 600 30 20 600 11-Nov 30 18 540 30 18 540 TOTAL 105 2105 81 1581 24 484 Sales revenue 2430 Less: COGS 1581 Gross Profit 849 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 20 22 440 Purchasse 4-Mar 25 21 525 9-Jun 30 20 600 11-Nov 30 18 540 TOTAL 105 20.05 2105 81 20.05 1624 24 20.05 481 Sales revenue 2430 Less: COGS 1624 Gross profit 806 LIFO is giving the highest profitability.

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