Exercise 6-5 Calculate inventory amounts when costs are declining (LO6-3)

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

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During the year, Trombley Incorporated has the following inventory transactions. Number Unit Cost Total Cost Transaction of Units Date 20 22 440 Jan. 1 Beginning inventory 525 21 Mar. 4 Purchase 25 Jun. 9 Purchase 20 30 600 540 30 18 Nov. 11 Purchase 2105 105 For the entire year, the company sells 81 units of inventory for $30 each