LIFO During the year, TRC Corporation has the following inventory transactions. Date Transaction Jan. 1 Beginning inventory Apr. 7 Purchase Jul.16 Purchase Oct. 6 Purchase Total Beginning Inventory Purchases: 2. Using LIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. Apr 07 Jul 16 Oct 06 For the entire year, the company sells 450 units of inventory for $70 each. Sales revenue Gross profit Unit Number of Units Cost $ 52 60 54 57 58 # of units 140 210 120 530 Cost of Goods Available for Sale Cost of Goods Available for Sale $ 0 Cost per unit 0 0 0 0 0 Total Cost $ 3,120 7,560 11,970 6,960 $29,610 Cost of Goods Sold # of units Cost per unit Cost of Goods Sold Ending Inventory # of units Cost Ending per unit Inventory

LIFO During the year, TRC Corporation has the following inventory transactions. Date Transaction Jan. 1 Beginning inventory Apr. 7 Purchase Jul.16 Purchase Oct. 6 Purchase Total Beginning Inventory Purchases: 2. Using LIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. Apr 07 Jul 16 Oct 06 For the entire year, the company sells 450 units of inventory for $70 each. Sales revenue Gross profit Unit Number of Units Cost $ 52 60 54 57 58 # of units 140 210 120 530 Cost of Goods Available for Sale Cost of Goods Available for Sale $ 0 Cost per unit 0 0 0 0 0 Total Cost $ 3,120 7,560 11,970 6,960 $29,610 Cost of Goods Sold # of units Cost per unit Cost of Goods Sold Ending Inventory # of units Cost Ending per unit Inventory

Name: LIFODuring the year, TRC Corporation has the following inventory tran
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Description: LIFODuring the year, TRC Corporation has the following inventory transactions.UnitCost$ 52545758DateTransactionJan. 1 Beginning inventoryApr. 7 PurchaseJul.16 PurchaseOct. 6 PurchaseTotalBeginning InventoryPurchases:2. Using LIFO, calculate ending i

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 $…
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
The units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory 25 units @ $29 $725 June 16 Purchase 32 units @ $34 1,088 Nov. 28 Purchase 40 units @ $37 1,480 97 units $3,293 There are 17 units of the product in the physical inventory at November 30. The periodic inventory system is used. Round answers to the nearest whole dollar. a. Determine the inventory cost by the FIFO method. $4 b. Determine the inventory cost by the LIFO method. $4 c. Determine the inventory cost by the average cost methods.
A company's inventory records report the following in November of the current year: Date November 1 Beginning inventory November 2 Purchase November 8 Sales November 12 Purchase Multiple Choice O O 6 units @ $55 = $330 Using the LIFO perpetual inventory method, what was the amount recorded in the cost of goods sold account for the 12 units sold? $554 Activities $398 $642 Units Acquired at Cost 5 units @ $50 = $250 10 units @ $52 = $520 Units Sold at Retail 12 units @ $84
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Date January 1 May 5 November 3 Weighted Average Transaction Beginning inventory Purchase Purchase Cost Beginning Inventory Purchases: May 5 November 3 Total Calculate ending inventory and cost of goods sold for the year, assuming the company uses weighted-average cost. (Round your average cost per unit to 4 decimal places.) Number of units Number of Units 60 Cost of Goods Available for Sale 60 Average Cost per unit 220 140 420 Cost of Goods Available for Sale $ 220 140 420 $33,700.0000 $ Unit Cost $76 4,560 79 84 17,380 11,760 33,700 Total Cost $4,560 17,380 11,760 $33,700 Cost of Goods Sold - Weighted Average Cost Number of units sold Average Cost per Unit Cost of Goods Sold 375 $30,280.0000 $ 11,355,000.00 Ending Inventory - Weighted Average Cost Number of units in ending inventory Average Cost per unit 45 $ Ending Inventory 3,420.0000 $ 153,900.00
A company's inventory records report the following in November of the current year: Beginning November 1 Purchase November 2 Purchase November 12 On November 8, it sold 12 units for $49 each. Using the LIFO perpetual inventory method, what was the amount recorded in the cost of goods sold account for the 12 units sold? Multiple Choice O O O $342 $248 $264 $378 5 units @ $19 10 units @ $21 6 units @ $23 $443
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Wan Tan Corp. made the following four inventory purchases in June: June 1 150 units $5.20 June 10 200 units $5.85 June 15 200 units $6.30 June 28 150 units $6.60 On June 22, 450 units were sold. The company uses the perpetual inventory system and the weighted average to value the inventory. Calculate the cost of goods sold for the sale. Round to the nearest whole dollar. Select one: a. $2,580 b. $2,628 c. $2,700 d. $1,572
Inventory turnover and 'number of days' sales in inventory Financial statement data for years ending December 31 for Tango Company follow: 20Y7 20Υ6 Cost of goods sold $3,739,790 $3,852,940 Inventories: Beginning of year 759,200 722,700 End of year 832,200 759,200 Required a. Determine the inventory turnover for 20Y7 and 20Y6. Round to one decimal place. 20Υ7 20Y6 Inventory turnover b. Determine the number of days' sales in inventory for 20Y7 and 20Y6. Use 365 days and round to one decimal place. 20Υ7 20Y6 Number of days' sales in inventory days days c. Are the changes in inventory turnover and the number of days' sales in inventory from 20Y6 to 20Y7 favorable or unfavorable?
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Inventory turnover and number of days’ sales in inventory Financial statement data for years ending December 31 for Tango Company follow: Line Item Description 20Y7 20Y6 Cost of goods sold $3,784,320 $3,852,940 Inventories: Beginning of year 751,900 730,000 End of year 824,900 751,900 a. Determine the inventory turnover for 20Y7 and 20Y6. Round your answers to one decimal place. Line Item Description 20Y7 20Y6 Inventory turnover fill in the blank 1 of 2 fill in the blank 2 of 2 b. Determine the days’ sales in inventory for 20Y7 and 20Y6. Use 365 days a year. Round your answers to one decimal place. Line Item Description 20Y7 20Y6 Number of days’ sales in inventory fill in the blank 1 of 2 days fill in the blank 2 of 2 days