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

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[The following information applies to the questions displayed below.]

During the year, Trombley Incorporated has the following inventory transactions.

Date		Transaction	Number of Units			Unit Cost			Total Cost
Jan.	1	Beginning inventory		25		$	27			$	675
Mar.	4	Purchase		30			26				780
Jun.	9	Purchase		35			25				875
Nov.	11	Purchase		35			23				805
				125						$	3,135

For the entire year, the company sells 98 units of inventory for $35 each.

! Required information 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 25 30 35 35 Unit Cost $ 27 26 25 23 Total Cost $ 675 780 875 805 $3,135 125 For the entire year, the company sells 98 units of inventory for $35 each. Exercise 6-5A Part 1 Required: 1. Using FIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. FIFO Cost of Goods Sold Ending Inventory Cost of Goods Available for Sale Cost of Cost per Goods # of units unit Available for Sale # of units Cost per unit Cost of Goods Sold # of units Cost Ending per unit Inventory Beginning Inventory Purchases: Mar 04 Jun 09 Nov 11 Total Sales revenue Gross profit