Exercise 6-5 Calculate inventory amounts when costs are declining (LO3)

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During 2015, Trombley Incorporated has the following inventory transactions.


 

 

  DateTransactionNumber
of Units		Unit
Cost		   Total Cost
  Jan. 1     Beginning inventory28     $ 30      $ 840    
  Mar. 4     Purchase33     29      957    
  Jun. 9     Purchase38     28      1,064    
  Nov. 11     Purchase38     26      988    
  
 
  137      $ 3,849    
  
 

 

   

For the entire year, the company sells 101 units of inventory for $38 each.

 

Exercise 6-5 Part 1

Required:
1.

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

  

Exercise 6-5 Part 2

2.

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

 

 

Exercise 6-5 Part 3

3.

Using weighted-average cost, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. (Round the intermediate calculations to 2 decimal places. Round your answers to the nearest dollar amount.)

 

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