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

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.DateJanuary 1April 7July 16October 6TransactionBeginning inventoryPurchasePurchasePurchaseNumber ofUnits41121191101454UnitCost$33353839TotalCost$1,3534,2357,2583,939$16,785$Fo

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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