Required: 1. Using FIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit.
Required: 1. Using FIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Exercise 6-4A Calculate inventory amounts when costs are rising (LO6-3)
[The following information applies to the questions displayed below.]
During the year, TRC Corporation has the following inventory transactions.
Number of
Unit
Cost
$ 43
45
48
Transaction
Date
Jan. 1 Beginning inventory
Apr. 7 Purchase
Jul. 16 Purchase
Units
Total Cost
$ 2,193
5,895
9,648
5,439
51
131
201
Oct. 6 Purchase
111
49
:16
494
$23,175
For the entire year, the company sells 431 units of inventory for $61 each.
ok
Exercise 6-4A Part 1
nt
Required:
1. Using FIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit.
rint
FIFO
Cost of Goods Available for Sale
Cost of Goods Sold
Ending Inventory
Cost of
Goods
Available
for Sale
# of units Cost per
unit
Cost per
unit
Cost of
Goods
Ending
per unit Inventory
erences
Cost
# of units
# of units
Sold
Beginning Inventory
Purchases:
Apг. 7
Jul.16
Oct.6
Total
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Transcribed Image Text:McGraw-Hill Connect
crcises
Saved
Exercise 6-4A Calculate inventory amounts when costs are rising (LO6-3)
[The following information applies to the questions displayed below.]
During the year, TRC Corporation has the following inventory transactions.
Number of
Unit
Cost
$ 43
45
48
Transaction
Date
Jan. 1 Beginning inventory
Apr. 7 Purchase
Jul. 16 Purchase
Units
Total Cost
$ 2,193
5,895
9,648
5,439
51
131
201
Oct. 6 Purchase
111
49
:16
494
$23,175
For the entire year, the company sells 431 units of inventory for $61 each.
ok
Exercise 6-4A Part 1
nt
Required:
1. Using FIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit.
rint
FIFO
Cost of Goods Available for Sale
Cost of Goods Sold
Ending Inventory
Cost of
Goods
Available
for Sale
# of units Cost per
unit
Cost per
unit
Cost of
Goods
Ending
per unit Inventory
erences
Cost
# of units
# of units
Sold
Beginning Inventory
Purchases:
Apг. 7
Jul.16
Oct.6
Total
< Prev
12
13 14 15
of 22
Next >
MacBook Pro
C@
#3
&
关
2
4.
5
7
8
W
E
Y
< 6
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