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During the year, TRC Corporation has the following Inventory transactions. Date January 1 Transaction Beginning inventory April 7 Purchase July 16 Purchase October 6 Purchase Number of Units Unit Total Cost Cost 56 $48 $2,688 136 50 6,800 206 53 10,918 116 54 6,264 514 $26,670 For the entire year, the company sells 442 units of Inventory for $66 each. Required: 1-a & b. Using FIFO, calculate ending Inventory and cost of goods sold. 1-c & d. Using FIFO, calculate sales revenue and gross profit. 2-a & b. Using LIFO, calculate ending Inventory and cost of goods sold. 2-c & d. Using LIFO, calculate sales revenue and gross profit. 3-a & b. Using weighted-average cost, calculate ending Inventory and cost of goods sold. 3-c&d. Using weighted-average cost, calculate sales revenue and gross profit. 4. Determine which method will result in higher profitability when Inventory costs are rising. Complete this question by entering your answers in the tabs below. Req 1a and b Req 1c and d Req 2a and b Req 2c and d Req 3a and b Req 3c and d Req 4 Using FIFO, calculate ending inventory and cost of goods sold. FIFO Beginning Inventory Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Number of units Cost per unit Cost of Goods Available for Sale of units Number Cost per unit Cost of Goods Sold Number of units Cost per unit Inventory Ending 56 $ 48 $ 2,688 $ 48 $ 0 Purchases: April 07 136 $ 50 6,800 $ 50 0 July 16 206 $ 53 10,918 $ 53 0 October 06 116 S 54 6,264 $ 54 0 Total 514 $ 26,670

During the year, TRC Corporation has the following Inventory transactions. Date January 1 Transaction Beginning inventory April 7 Purchase July 16 Purchase October 6 Purchase Number of Units Unit Total Cost Cost 56 $48 $2,688 136 50 6,800 206 53 10,918 116 54 6,264 514 $26,670 For the entire year, the company sells 442 units of Inventory for $66 each. Required: 1-a & b. Using FIFO, calculate ending Inventory and cost of goods sold. 1-c & d. Using FIFO, calculate sales revenue and gross profit. 2-a & b. Using LIFO, calculate ending Inventory and cost of goods sold. 2-c & d. Using LIFO, calculate sales revenue and gross profit. 3-a & b. Using weighted-average cost, calculate ending Inventory and cost of goods sold. 3-c&d. Using weighted-average cost, calculate sales revenue and gross profit. 4. Determine which method will result in higher profitability when Inventory costs are rising. Complete this question by entering your answers in the tabs below. Req 1a and b Req 1c and d Req 2a and b Req 2c and d Req 3a and b Req 3c and d Req 4 Using FIFO, calculate ending inventory and cost of goods sold. FIFO Beginning Inventory Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Number of units Cost per unit Cost of Goods Available for Sale of units Number Cost per unit Cost of Goods Sold Number of units Cost per unit Inventory Ending 56 $ 48 $ 2,688 $ 48 $ 0 Purchases: April 07 136 $ 50 6,800 $ 50 0 July 16 206 $ 53 10,918 $ 53 0 October 06 116 S 54 6,264 $ 54 0 Total 514 $ 26,670

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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During the year, TRC Corporation has the following Inventory transactions. Date January 1 Transaction Beginning inventory April 7 Purchase July 16 Purchase October 6 Purchase Number of Units Unit Total Cost Cost 56 $48 $2,688 136 50 6,800 206 53 10,918 116 54 6,264 514 $26,670 For the entire year, the company sells 442 units of Inventory for $66 each. Required: 1-a & b. Using FIFO, calculate ending Inventory and cost of goods sold. 1-c & d. Using FIFO, calculate sales revenue and gross profit. 2-a & b. Using LIFO, calculate ending Inventory and cost of goods sold. 2-c & d. Using LIFO, calculate sales revenue and gross profit. 3-a & b. Using weighted-average cost, calculate ending Inventory and cost of goods sold. 3-c&d. Using weighted-average cost, calculate sales revenue and gross profit. 4. Determine which method will result in higher profitability when Inventory costs are rising. Complete this question by entering your answers in the tabs below. Req 1a and b Req 1c and d Req 2a and b Req 2c and d Req 3a and b Req 3c and d Req 4 Using FIFO, calculate ending inventory and cost of goods sold. FIFO Beginning Inventory Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Number of units Cost per unit Cost of Goods Available for Sale of units Number Cost per unit Cost of Goods Sold Number of units Cost per unit Inventory Ending 56 $ 48 $ 2,688 $ 48 $ 0 Purchases: April 07 136 $ 50 6,800 $ 50 0 July 16 206 $ 53 10,918 $ 53 0 October 06 116 S 54 6,264 $ 54 0 Total 514 $ 26,670 <Req 1a and b Req 1c and d >
Transcribed Image Text:During the year, TRC Corporation has the following Inventory transactions. Date January 1 Transaction Beginning inventory April 7 Purchase July 16 Purchase October 6 Purchase Number of Units Unit Total Cost Cost 56 $48 $2,688 136 50 6,800 206 53 10,918 116 54 6,264 514 $26,670 For the entire year, the company sells 442 units of Inventory for $66 each. Required: 1-a & b. Using FIFO, calculate ending Inventory and cost of goods sold. 1-c & d. Using FIFO, calculate sales revenue and gross profit. 2-a & b. Using LIFO, calculate ending Inventory and cost of goods sold. 2-c & d. Using LIFO, calculate sales revenue and gross profit. 3-a & b. Using weighted-average cost, calculate ending Inventory and cost of goods sold. 3-c&d. Using weighted-average cost, calculate sales revenue and gross profit. 4. Determine which method will result in higher profitability when Inventory costs are rising. Complete this question by entering your answers in the tabs below. Req 1a and b Req 1c and d Req 2a and b Req 2c and d Req 3a and b Req 3c and d Req 4 Using FIFO, calculate ending inventory and cost of goods sold. FIFO Beginning Inventory Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Number of units Cost per unit Cost of Goods Available for Sale of units Number Cost per unit Cost of Goods Sold Number of units Cost per unit Inventory Ending 56 $ 48 $ 2,688 $ 48 $ 0 Purchases: April 07 136 $ 50 6,800 $ 50 0 July 16 206 $ 53 10,918 $ 53 0 October 06 116 S 54 6,264 $ 54 0 Total 514 $ 26,670 <Req 1a and b Req 1c and d >
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