During the year, TRC Corporation has the following inventory transactions. Number of Unit Cost Date January 1 April 7 July 16 October 6 Transaction Beginning inventory Purchase Purchase Purchase Units 41 121 191 101 454 $33 35 38 39 3 Total Cost $1,353 4,235 7,258 3,939 $16,785 For the entire year, the company sells 410 units of inventory for $51 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
During the year, TRC Corporation has the following inventory transactions. Number of Unit Cost Date January 1 April 7 July 16 October 6 Transaction Beginning inventory Purchase Purchase Purchase Units 41 121 191 101 454 $33 35 38 39 3 Total Cost $1,353 4,235 7,258 3,939 $16,785 For the entire year, the company sells 410 units of inventory for $51 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
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter13: Accounting For Merchandise Inventory
Section: Chapter Questions
Problem 1MP: Hurst Companys beginning inventory and purchases during the fiscal year ended December 31, 20-2,...
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![During the year, TRC Corporation has the following inventory transactions.
Date
January 1
April 7
July 16
October 6
Transaction
Beginning inventory
Purchase
Purchase
Purchase
Number of
Units
41
121
191
101
454
Unit
Cost
$33
35
38
39
Total
Cost
$1,353
4,235
7,258
3,939
$16,785
$
For the entire year, the company sells 410 units of inventory for $51 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 arb rising.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F4f20b772-35c9-41ad-a86c-068f99805956%2F4c64f33c-64a9-44ac-9a19-0b254942b22a%2F560ihp_processed.jpeg&w=3840&q=75)
Transcribed Image Text:During the year, TRC Corporation has the following inventory transactions.
Date
January 1
April 7
July 16
October 6
Transaction
Beginning inventory
Purchase
Purchase
Purchase
Number of
Units
41
121
191
101
454
Unit
Cost
$33
35
38
39
Total
Cost
$1,353
4,235
7,258
3,939
$16,785
$
For the entire year, the company sells 410 units of inventory for $51 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 arb rising.
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