During the year, TRC Corporation has the following inventory transactions.Date TransactionNumber of UnitsUnit Cost Total CostJan. 1Beginning inventory60Apr. 7PurchaseJul. 16Purchase10Oct. 6Purchase140210120530$ 52545758$ 3,1207,56011,9706,960$ 29,610For the entire year, the company sells 450 units of inventory for $70 each.Required:1. Using FIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit.

Name: During the year, TRC Corporation has the following inventory transact
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Description: During the year, TRC Corporation has the following inventory transactions.Date TransactionNumber of UnitsUnit Cost Total CostJan. 1Beginning inventory60Apr. 7PurchaseJul. 16Purchase10Oct. 6Purchase140210120530$ 52545758$ 3,1207,56011,9706,960$ 29,61

FIFO Method :— It is one of the methods of inventory valuation in which it is assumed that old…

Business

Accounting

During the year, TRC Corporation has the following inventory transactions. Date Transaction Number of Units Unit Cost Total Cost Jan. 1 Beginning inventory 60 Apr. 7 Purchase Jul. 16 Purchase Oct. 6 Purchase 140 210 120 530 $ 52 54 57 58 $ 3,120 7,560 11,970 6,960 $ 29,610 For the entire year, the company sells 450 units of inventory for $70 each. Required: 1. Using FIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit.

During the year, TRC Corporation has the following inventory transactions. Date Transaction Number of Units Unit Cost Total Cost Jan. 1 Beginning inventory 60 Apr. 7 Purchase Jul. 16 Purchase Oct. 6 Purchase 140 210 120 530 $ 52 54 57 58 $ 3,120 7,560 11,970 6,960 $ 29,610 For the entire year, the company sells 450 units of inventory for $70 each. Required: 1. Using FIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Required Information [The following information applies to the questions displayed below.] During the year, TRC Corporation has the following inventory transactions. Total Cost $ 3,120 Date Transaction Number of Units Unit Cost Jan. 1 Beginning inventory Apr. 7 Purchase 60 $ 52 140 54 7,560 Jul.16 Purchase 210 57 11,978 Oct. 6 Purchase 120 58 6,960 530 $29,610 For the entire year, the company sells 450 units of inventory for $70 each. 2. Using LIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. LIFO Beginning Inventory Ending Inventory Ending Cost of Goods Available for Sale Cost of Goods Sold # of units Cost per Cost of Goods # of units unit Available Cost per unit Cost of Goods Sold # of units for Sale 60 $ 52 $ 3,120 60 S 52 S 3.120 60 S 52 $ 3,120 Cost per unit Inventory Purchases: Apr 07 140 S 54 7,560 120 $ 54 6,480 20 $ 54 1,080 Jul 16 210 S 57 11,970 210 $ 57 11.970 Oct 06 120 S 58 Total 530 $ 6,960 29.610 120 $ 58 6,960 450 $ 25,410 80 $…