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Viktor [21]
3 years ago
7

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

Business
1 answer:
Furkat [3]3 years ago
8 0

Answer:

a. Ending inventory = $162, Cost of Sales = $593, Gross Profit = $478

b. Ending inventory = $227, Cost of Sales = $528, Gross Profit = $543

c. Ending inventory = $492.30, Cost of Sales = $557.94 , Gross Profit = $513.06

d. FIFO

Explanation:

FIFO

Ending inventory = 18 units × $9   = $162

                                Total               = $162

Cost of Sales = 11 units × $13 = $143

                         16 units × $12= $192

                         21 units × $11 = $231

                           3 units × $9 = $27

                         Total              = $593

Gross Profit = Sales less Cost of Sales

                   = (51 units × $21) - $593

                   = $1,071 - $593

                   = $478

LIFO

Ending inventory = 11 units × $13    = $143

                                 7 units × $12   =  $84

                                 Total               = $227

Cost of Sales = 9 units × $12 = $108

                         21 units × $11 = $231

                         21 units × $9 = $189

                         Total              = $528

Gross Profit = Sales less Cost of Sales

                   = (51 units × $21) - $528

                   = $1,071 - $528

                   = $543

Weighted-average cost

First determine the average cost.

Average cost = Total Cost / Total units

                      = $ 755 / 69

                      = $10.94

Ending inventory = Units Remaining × Average Price

                             = 45 units × $10.94

                             = $492.30

Cost of Sales = Units Sold × Average Cost

                      = 51 units × $10.94

                      = $557.94

Gross Profit = Sales less Cost of Sales

                   = (51 units × $21) - $557.94

                   = $1,071.00 - $557.94

                   = $513.06

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