During the year, Trombley Incorporated has the following inventory transactions. Date Transaction Number of Units Unit Cost Total Cost Jan. 1 Beginning inventory 30 $ 32 $ 960 Mar. 4 Purchase 35 31 1,085 Jun. 9 Purchase 40 30 1,200 Nov. 11 Purchase 40 28 1,120 145 $ 4,365 For the entire year, the company sells 111 units of inventory for $40 each. Exercise 6-5A Part 3 3. Using weighted-average cost, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. (Round "Average Cost per unit" to 2 decimal places and all other answers to the nearest whole number.)
During the year, Trombley Incorporated has the following inventory transactions. Date Transaction Number of Units Unit Cost Total Cost Jan. 1 Beginning inventory 30 $ 32 $ 960 Mar. 4 Purchase 35 31 1,085 Jun. 9 Purchase 40 30 1,200 Nov. 11 Purchase 40 28 1,120 145 $ 4,365 For the entire year, the company sells 111 units of inventory for $40 each. Exercise 6-5A Part 3 3. Using weighted-average cost, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. (Round "Average Cost per unit" to 2 decimal places and all other answers to the nearest whole number.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Exercise 6-5A Calculate inventory amounts when costs are declining (LO6-3)
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During the year, Trombley Incorporated has the following inventory transactions.
| Date | Transaction | Number of Units |
Unit Cost |
Total Cost | |||||||||
| Jan. | 1 | Beginning inventory | 30 | $ | 32 | $ | 960 | ||||||
| Mar. | 4 | Purchase | 35 | 31 | 1,085 | ||||||||
| Jun. | 9 | Purchase | 40 | 30 | 1,200 | ||||||||
| Nov. | 11 | Purchase | 40 | 28 | 1,120 | ||||||||
| 145 | $ | 4,365 | |||||||||||
For the entire year, the company sells 111 units of inventory for $40 each.
Exercise 6-5A Part 3
3. Using weighted-average cost, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. (Round "Average Cost per unit" to 2 decimal places and all other answers to the nearest whole number.)
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