1. Using FIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit.FIFOCost of Goods Available for SaleCost of Goods SoldEnding InventoryCost ofCost ofCost perCost perunitEndingper unit InventoryGoodsCost# of units# of unitsGoods# of unitsunitAvailableSoldfor SaleBeginning Inventory55 $47$2,58555$47$2,585Purchases:Apr. 71352$496,615135$496,615Jul.162055210,6602055210,660Oct.6115$536,095115$536,09565 $ 533,445Total510$ 25,955441Sales revenueGross profit During the year, TRC Corporation has the following inventory transactions.Number ofUnitDateTransactionUnitsCostTotal Cost$ 47$ 2,5856,61510,660Jan. 1Beginning inventory55Apr. 7Jul.16Purchase13549Purchase20552Oct. 6Purchase115536,095510$25,955For the entire year, the company sells 441 units of inventory for $65 each.

Name: 1. Using FIFO, calculate ending inventory, cost of goods sold, sales
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Description: 1. Using FIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit.FIFOCost of Goods Available for SaleCost of Goods SoldEnding InventoryCost ofCost ofCost perCost perunitEndingper unit InventoryGoodsCost# of units# of un

Gross profit is computed by deducting the amount of cost of goods sold from the revenue earned by…

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During the year, TRC Corporation has the following inventory transactions. Number of Unit Date Transaction Units Cost Total Cost $ 47 $ 2,585 6,615 10,660 6,095 Jan. 1 Beginning inventory 55 Apr. 7 Jul.16 Purchase 135 49 Purchase 205 52 Oct. 6 Purchase 115 53 510 $25,955 For the entire year, the company sells 441 units of inventory for $65 each.

During the year, TRC Corporation has the following inventory transactions. Number of Unit Date Transaction Units Cost Total Cost $ 47 $ 2,585 6,615 10,660 6,095 Jan. 1 Beginning inventory 55 Apr. 7 Jul.16 Purchase 135 49 Purchase 205 52 Oct. 6 Purchase 115 53 510 $25,955 For the entire year, the company sells 441 units of inventory for $65 each.

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. Number Unit Date Transaction of Units Cost Total Cost $38 $1,748 5,040 8,428 4,664 Jan. 1 Beginning inventory Purchase 46 Apr. 7 Jul. 16 126 40 Purchase 196 43 Oct. 6 Purchase 106 44 474 $19,880 For the entire year, the company sells 425 units of inventory for $56 each. 2. Using LIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. Cost of Goods Sold Ending Inventory LIFO Cost of Goods Available for Sale Cost of Average Cost of Average Average
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