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Accounting

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

Date Transaction Number of Units Unit Cost Total Cost
Jan. 1 Beginning inventory 29 $ 31 $ 899
Mar. 4 Purchase 34 30 1,020
Jun. 9 Purchase 39 29 1,131
Nov. 11 Purchase 39 27 1,053
141 $ 4,103

For the entire year, the company sells 110 units of inventory for $39 each.

Required:

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

FIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory
# of units Cost per unit Cost of Goods Available for Sale # of units Cost per unit Cost of Goods Sold # of units Cost per unit Ending Inventory
Beginning Inventory
Purchases:
Mar 04
Jun 09
Nov 11
Total

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