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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.
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| | | | | | Sales revenue | | | Gross profit | | |
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| | | 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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