Required information [The following information applies to the questions displayed below.] During the year, Trombley Incorporated has the following inventory transactions. Date Transaction Numberof Units UnitCost Total Cost Jan. 1 Beginning inventory 10 $ 12 $ 120 Mar. 4 Purchase 15 11 165 Jun. 9 Purchase 20 10 200 Nov. 11 Purchase 20 8 160 65 $ 645 For the entire year, the company sells 50 units of inventory for $20 each. Required: 1. Using FIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit.
Required information [The following information applies to the questions displayed below.] During the year, Trombley Incorporated has the following inventory transactions. Date Transaction Numberof Units UnitCost Total Cost Jan. 1 Beginning inventory 10 $ 12 $ 120 Mar. 4 Purchase 15 11 165 Jun. 9 Purchase 20 10 200 Nov. 11 Purchase 20 8 160 65 $ 645 For the entire year, the company sells 50 units of inventory for $20 each. Required: 1. Using FIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Required information
[The following information applies to the questions displayed below.]
During the year, Trombley Incorporated has the following inventory transactions.
| Date | Transaction | Number of Units |
Unit Cost |
Total Cost | |||||||||
| Jan. | 1 | Beginning inventory | 10 | $ | 12 | $ | 120 | ||||||
| Mar. | 4 | Purchase | 15 | 11 | 165 | ||||||||
| Jun. | 9 | Purchase | 20 | 10 | 200 | ||||||||
| Nov. | 11 | Purchase | 20 | 8 | 160 | ||||||||
| 65 | $ | 645 | |||||||||||
For the entire year, the company sells 50 units of inventory for $20 each.
Required:
1. Using FIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit.
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