College Accounting, Chapters 1-27
College Accounting, Chapters 1-27
23rd Edition
ISBN: 9781337794756
Author: HEINTZ, James A.
Publisher: Cengage Learning,
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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   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.

 

2. Using LIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit.

 

 

 

 

 

 

 

 
 
 
 
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