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 12 17 22 22 73 Unit Cost $ 14 13 12 10 Total Cost $ 168 221 264 220 $ 873 For the entire year, the company sells 60 units of inventory for $22 each. Exercise 6-5A Part 2 2. Using LIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. Help Save work Saved On June 5, Staley Electronics purchases 190 units of inventory on account for $19 each. After closer examination Statey determines 40 units are defective and returns them to its supplier for full credit on June 9. All remaining Inventory is sold on account on June 16 for $33 each Required: Record transactions for the purchase, return, and sale of inventory assuming the company uses a perpetual inventory system (if no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet