Question: Exercise 6-5A Calculate inventory amounts when costs are declining (L06-3) [The following information applies to the questions displayed below) During the year, Trombley Incorporated has

 Exercise 6-5A Calculate inventory amounts when costs are declining (L06-3) [The
following information applies to the questions displayed below) During the year, Trombley

Exercise 6-5A Calculate inventory amounts when costs are declining (L06-3) [The following information applies to the questions displayed below) During the year, Trombley Incorporated has the following inventory transactions Date Transaction Jan. 1 Beginning inventory Mar. 4 Purchase Jun. 9 Purchase Nov. 11 Purchase Number of Units 13 18 23 23 77 Unit Cost $ 15 14 13 11 Total Cost $195 252 299 253 $ 999 For the entire year, the company sells 61 units of inventory for $23 each. xercise 6-5A Part 3 -Using weighted average cost, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. (Round "Average Cost er unit" to 2 decimal places and all other answers to the nearest whole number.) Weighted Average Cost Cost of Goods Sold - Weighted Ending Inventory - Weighted Average Cost of Goods Available for Sale Average Cost Cost Average cost of Goods # of units Average # of units Average Cost of Ending # of units Cost per Available for Cost per Cost per in Ending Sold Goods Sold Inventory unit Inventory unit Sale Unit 13 $ 195 Beginning Inventory Purchases: 3. Using weighted-average cost, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. (Round "Average Cos per unit" to 2 decimal places and all other answers to the nearest whole number.) Cost of Goods Available for Sale Cost of Goods Sold - Weighted Average Cost Ending Inventory - Weighted Average Cost Weighted Average Cost Average Average Cost of Goods # of units Cost per Available for unit Sale #of units Sold Cost per Cost of Goods Sold # of units in Ending Inventory Average Cost per unit Ending Inventory Unit 13 $ 195 18 Beginning Inventory Purchases: Mar.4 Jun 9 Nov. 11 Total 23 23 252 299 253 999 77 $ Sales revenue Gross profit

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!