During the year, Triumph Incorporated has the following inventory transactions. Number of Date January 1 March...
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During the year, Triumph Incorporated has the following inventory transactions. Number of Date January 1 March 4 June 9 November 11 Transaction Beginning inventory Purchase Purchase Purchase Units Unit Cost 20 25 30 30 105 $22 21 20 18 For the entire year, the company sells 81 units of inventory for $30 each. Required: 1-a. & b. Using FIFO, calculate ending inventory, cost of goods sold. 1-c & d. Using FIFO, calculate sales revenue, and gross profit. 2-a & b. Using LIFO, calculate ending inventory, cost of goods sold. Total Cost $440 525 600 540 $2,105 2-c & d. Using LIFO, calculate sales revenue, and gross profit. 3-a & b. Using weighted-average cost, calculate ending inventory, cost of goods sold. During the year, Triumph Incorporated has the following inventory transactions. Number of Date January 1 March 4 June 9 November 11 Transaction Beginning inventory Purchase Purchase Purchase Units Unit Cost 20 25 30 30 105 $22 21 20 18 For the entire year, the company sells 81 units of inventory for $30 each. Required: 1-a. & b. Using FIFO, calculate ending inventory, cost of goods sold. 1-c & d. Using FIFO, calculate sales revenue, and gross profit. 2-a & b. Using LIFO, calculate ending inventory, cost of goods sold. Total Cost $440 525 600 540 $2,105 2-c & d. Using LIFO, calculate sales revenue, and gross profit. 3-a & b. Using weighted-average cost, calculate ending inventory, cost of goods sold.
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To calculate the ending inventory cost of goods sold COGS sales revenue and gross profit using FIFO LIFO and weightedaverage cost well go through each ... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
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