Required information[The following information applies to the questions displayed below.]During the year, TRC Corporation has the following inventory transactions.NumberUnitDateTransactionof UnitsCostTotal Cost$38$1,7485,0408,4284,664Jan. 1Beginning inventoryPurchase46Apr. 7Jul. 1612640Purchase19643Oct. 6Purchase10644474$19,880For 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 SoldEnding InventoryLIFOCost of Goods Available for SaleCost ofAverageCost ofAverageAverage For the entire year, the company sells 425 units of inventory for $56 each.42. Using LIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit.LIFOCost of Goods Available for SaleCost of Goods SoldEnding InventoryCost ofAverage# of units Cost perAverageCostCost ofAverage# of units Cost perEndingInventoryGoodsGoods# of unitsAvailableunitunitSoldper unitfor SaleBeginning Inventory0.Purchases:Apr 07ncesJul 160.Oct 060.Total0.Sales revenueGross profit< Prev6.9 1011of 16Next >...... Ra42Were to search%24%24

LIFO means last in first out where as FIFO means first in first out. Inventory and cost of goods…

Answered: During the year, TRC Corporation has…

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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Rams Inc reported the following amounts for the year: It uses periodic method Ending Inventory=$40,000 Opening Inventory=$41,500 Sales revenue=$114,000 Purchases=$77,000 Purchase discount=$7,000 Purchase returns and allowances=$5,800 Compute Cost of sales for the year
SOVEREIGN Industries' inventory during the year is given below. The company uses a periodic inventory system and uses the FIFO method. Unit # Units Cost Beginning Inventory, January 1 4,200 P90 Purchases: February 15 2,000 P95 May 20 2,500 P100 October 5 3,000 P110 November 3O 1,000 P105 Ending Inventory, December 31 400 What is the cost of goods sold?
Kirtland Corporation uses a periodic inventory system. At the end of the annual accounting period, December 31, the accounting records for the most popular item in inventory showed the following: Transactions Units Unit Cost Beginning inventory, January 1 360 $5.00 Transactions during the year: a. Purchase, January 30 260 3.00 b. Purchase, May 1 420 6.00 c. Sale ($7 each) (120) d. Sale ($7 each) (660) Required: a. Compute the amount of goods available for sale. b. &c. Compute the amount of ending inventory and cost of goods sold at December 31, under Average cost, First in, first out, Last-in, first-out and Specific identification inventory costing methods. For Specific identification, assume that the first sale was selected two-fifths from the beginning inventory and three-fifths from the purchase of January 30. Assume that the second sale was selected from the remainder of the beginning inventory, with the balance from the purchase of May 1.
The following units of an item were available for sale during the year: Beginning inventory 29 units at $42 Sale 26 units at $63 First purchase 19 units at $44 Sale 16 units at $65 Second purchase 19 units at $47 Sale 7 units at $67 The firm uses the perpetual inventory system, and there are 18 units of the item on hand at the end of the year. a. What is the total cost of the ending inventory according to FIFO? $ b. What is the total cost of the ending inventory according to LIFO?
The following units of an item were available for sale during the year: Beginning inventory 8, 400 units at $160 Sale 4, 800 units at $300 First purchase 15,100 units at $165 Sale 13, 200 units at $ 300 Second purchase 15, 600 units at $174 Sale 13,700 units at $300 The firm uses the perpetual inventory system, and there are 7,400 units of the item on hand at the end of the year. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below. Open spreadsheet What is the total cost of the ending inventory according to FIFO? Round your answer to the nearest dollar. $ fill in the blank 2 What is the total cost of the ending inventory according to LIFO? Round your answer to the nearest dollar. $ fill in the blank 3 Feedback Area
A company had the following purchases during its first year of operations: January May September October Purchases 6 units at $ 12 25 units at $ 16 24 units at $ 19 Sales 7 units at $40 Assuming that the company uses the First In First Out (FIFO) as their inventory valuation method. What is the value of their ending inventory as of October?
Lopez Company reported the following current-year data for its only product. The company uses a periodic inventory system, and its ending inventory consists of 480 units-160 from each of the last three purchases. 1 Beginning inventory 7 Purchase Jan. 260 units @ $4.40 560 units @ $5.25 1, 200 units @ $4.90 1, 080 units @ $5.20 = 560 units @ $6.50 = $ 1,144 2,940 5, 880 5,616 Mar. July 28 Purchase Oct. 3 Purchase Dec. 19 Purchase 3,640 Totals 3,660 units $19,220 (a-d) Determine the cost assigned to ending inventory and to cost of goods sold for the following. (Do not round intermediate calculations and round your answers to 2 decimal places.) Ending Inventory Cost of Goods Sold (a) Specific identification (b) Weighted average (c) FIFO (d) LIFO
Dakota Company had net sales (at retail) of $260,000. The following additional information is available from its records. Use the retail inventory method to estimate Dakota’s year-end inventory at cost.
Koi Corporation uses the periodic inventory system. During its first year of operations, Koi made the following purchases • 1,400 units at P90 per unit• 3,400 units at P150 per unit• 800 units at P120 per unit Sales for the year totaled 4,600 units. Physical count reveals 1,000 units on hand at the end of the year. (Round unit cost to two decimals)5. What is the amount of ending inventory using the weighted average method (rounded to nearest peso)? ________________6. What is the amount of ending inventory using the FIFO method?
Beech Soda, Incorporated uses a perpetual inventory system. The company's beginning inventory of a particular product and its purchases during the month of January were as follows: Quantity Unit Cost Total Cost Beginning inventory (January 1) 24 $ 19 $ 456 Purchase (January 11) 20 $ 25 500 Purchase (January 20) 31 $ 27 837 Total 75 $ 1,793 On January 14, Beech Soda, Incorporated sold 33 units of this product. The other 42 units remained in inventory at January 31. i) Assuming that Beech Soda uses the first-in, first-out (FIFO) cost flow assumption: The cost of goods sold to be recorded at January 14 is: $_______________________________ The cost of ending inventory at January 31 is: $ _____________________________ ii). Assuming that Beech Soda uses the Last-in, first-out (LIFO) cost flow assumption: The cost of goods sold to be recorded at January 14 is:…
Use the following information for questions 17-19 Maxwell Inc. uses the periodic inventory system. During its first year of operations, Maxwell made the following purchases, listed in chronological order of acquisition: 40 units at $100 per unit 70 units at $80 per unit 170 units at $60 per unit Sales for the year totaled 270 units. 17. Ending inventory using the average cost method (rounded) is: A. $650 B. $1,000 C. $707 D. $600
During the year, TRC Corporation has the following inventory transactions. Date Jan. 1 Beginning inventory Apr. 7 Purchase Jul.16 Purchase Oct. 6 Purchase Weighted Average Cost Total Beginning Inventory Purchases: Apr 07 Jul 16 Oct 06 Transaction Sales revenue Gross profit For the entire year, the company sells 450 units of inventory for $70 each. 3. Using weighted-average cost, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. (Round "Average Cost per unit" to 2 decimal places and all other answers to the nearest whole number.) Number of Units 60 140 210 120 530 Cost of Goods Available for Sale # of units 60 140 210 120 530 Average Cost per unit Cost of Goods Available for Sale $ $ Unit Cost 3,120 $ 52 54 57 58 7,560 11,970 6.960 29,610 Total Cost $ 3,120 7,560 11,970 6,960 $29,610 Cost of Goods Sold - Weighted Average Cost of units Sold Average Cost of Cost per Unit Goods Sold Ending Inventory - Weighted Average Cost # of units in Ending Inventory…

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