Required information Exercise 6-5A Calculate inventory amounts when costs are declining (LO6-3) [The following information applies to the questions displayed below.] During the year, Trombley Incorporated has the following inventory transactions. Number Date Transaction of Units Unit Cost Total Cost Jan. 1 Beginning inventory Mar. 4 Purchase Jun. 9 Purchase Nov.11 Purchase $ 20 $ 360 19 437 18 504 16 448 $1,749 For the entire year, the company sells 71 units of inventory for $28 each. Exercise 6-5A Part 1 Required: 1. Using FIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. FIFO Beginning Inventory Ending Inventory Cost Ending per unit Inventory Cost of Goods Available for Sale Cost of Cost of Goods Sold # of units Cost per unit 18 $ Goods Available for Sale 20 $ 360 # of units Cost per unit Cost of Goods # of units Sold 18 $ 20 $ 360 Purchases: Mar 04 Jun 09 23 $ 19 28 $ 18 437 23 $ 19 437 504 28 $ 18 504 Nov 11 28 $ 16 448 $ 16 0 Total 97 $ 1,749 Sales revenue Gross profit ! Required information Exercise 6-5A Calculate inventory amounts when costs are declining (LO6-3) [The following information applies to the questions displayed below.] During the year, Trombley Incorporated has the following inventory transactions. Date Transaction Number of Units Jan. 1 Beginning inventory Mar. 4 Purchase Jun. 9 Purchase Nov.11 Purchase Unit Cost Total Cost $ 20 $ 360 19 437 18 504 16 448 $1,749 For the entire year, the company sells 71 units of inventory for $28 each. Exercise 6-5A Part 3 3. Using weighted-average cost, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. (Round "Average Cost per unit" to 2 decimal places and all other answers to the nearest whole number.) Weighted Average Cost Cost of Goods Available for Sale Average Cost of Goods # of units Cost per Available for unit Cost of Goods Sold - Weighted Average Cost Ending Inventory - Weighted Average Cost Sale # of units Sold Average Cost per Cost of Goods Sold Unit # of units in Ending Inventory Average Cost per unit Ending Inventory Beginning Inventory 18 $ 360 Purchases: Mar.4 23 437 Jun.9 28 504 Nov. 11 28 448 Total 97 $ 1,749 Sales revenue Gross profit