Required information[The following information applies to the questions displayed below.]During the year, TRC Corporation has the following inventory transactions.DateTransactionJan. 1 Beginning inventoryApr. 7PurchaseJul.16 PurchaseOct. 6 Purchaseyerme, ounper unit" to 4 decimal places and all other answers to the nearest whole number.)Weighted AverageCostBeginning InventoryPurchasesTotalFor the entire year, the company sells 443 units of inventory for $67 each.Apr 07Jul 16Oct 06Cost of Goods Available for SaleCost ofGoodsAvailablefor Sale# ofunits57137207117518Cost perunit209 0000$SalesrevenueGross profit$2,793Number of Units571372071175186.98711,1786,43527,393#ofunitsSoldCost per UnitUnitCost$49Answer is complete but not entirely correct.Cost of Goods Sold WeightedAverage Cost515455Cost ofGoodsSold443S 209.0000 $ 23,682$29,681$ 5,999 XTotal Cost$ 2,7936,987cerve, and you to na Average Cost11,1786,435$27,393750Ending Inventory Weighted Average Cost#of unitsinEndingInventoryCost per unitAnswer is complete but not entirely correct.EndingInventory209.0000 S 37110

Weighted average cost per unit of inventory Weighted average cost per unit of inventory is…

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Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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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 Jan. 1 Beginning inventory Purchase 46 $38 $ 1,748 Apr. 7 Jul. 16 126 40 5,040 8,428 4,664 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. Required: 1. Using FIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. O search a 42
Required information [The following information applies to the questions displayed below.] During the year, Trombley Incorporated has the following inventory transactions. Date Transaction Numberof Units UnitCost Total Cost Jan. 1 Beginning inventory 10 $ 12 $ 120 Mar. 4 Purchase 15 11 165 Jun. 9 Purchase 20 10 200 Nov. 11 Purchase 20 8 160 65 $ 645 For the entire year, the company sells 50 units of inventory for $20 each. 2. Using LIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit.
The following data represent the beginning inventory and, in order of occurrence, the purchases and sales of Cox, Inc. for an operating period. Units Unit Cost Total Cost Units Sold Beginning Inventory 32 $72 $2,304 Sale No. 1 10 Purchase No. 1 28 80 2, 240 Sale No. 2 32 Purchase No . 2 20 76 1,520 Totals 80 $6,064 42 Assuming Cox, Inc. uses weighted - average (periodic) inventory procedures, the ending inventory cost is: Select one: A. $2,888.00 B. $2,880.40 C. $2,884.00 D. $3,189.60
The units of an item available for sale during the year were as follows: Jan. 1 Inventory 1,095 units @ $140 Feb. 17 Purchase 1,385 units @ $141 Jul. 21 Purchase 1,680 units @ $143 Nov. 23 Purchase 1,125 units @ $145 There are 1,200 units of the item in the physical inventory at December 31. The periodic inventory system is used. Do not round intermediate calculation and round final answer to nearest whole value. a. Determine the inventory cost by the first-in, first-out method. b. Determine the inventory cost by the last-in, first-out method. c. Determine the inventory cost by the weighted average cost method.
Required information [The following information applies to the questions displayed below.] Laker Company reported the following January purchases and sales data for its only product. For specific identification, ending inventory consists of 180 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory. Date January 1 January 10 January 20 January 25 January 30 Activities Beginning inventory Sales. Purchase Sales Purchase Totals Assume the perpetual inventory system is used. Required: Units Acquired at Cost @ $6.00 = @ Req 1 140 units 60 units Req 2 to 4 180 units 380 units @ $5.00 = $ 4.50 = Complete this question by entering your answers in the tabs below. $ 840 300 3. Does gross profit using weighted average fall between that using FIFO and LIFO? 4. If costs were rising instead of falling, which method would yield the highest gross profit? 810 $ 1,950 1. Compute gross profit for the month of January for Laker Company for the four…
During the year, TRC Corporation has the following inventory transactions. Date Transaction Number of Units Unit Cost Total Cost January 1 Beginning inventory 60 $52 $3,120 April 7 Purchase 140 54 7,560 July 16 Purchase 210 57 11,970 October 6 Purchase 120 58 6,960 530 $29,610 For the entire year, the company sells 450 units of inventory for $70 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 method will result in higher profitability when inventory costs are rising.
[The following information applies to the questions displayed below.] At the end of January of the current year, the records of Donner Company showed the following for a particular item that sold at $17.80 per unit: Transactions Units Amount Inventory, January 1 700 $ 2,450 Purchase, January 12 670 3,685 Purchase, January 26 230 1,725 Sale (560) Sale (200) 3. Between FIFO or LIFO, which method would result in the lower income tax expense? Assume a 30 percent average tax rate. (Round your answer to 2 decimal places.)
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The beginning inventory and the purchases and sales of inventory for March for the Carolina Company are as presented below. Complete the inventory schedule assuming the FIFO Inventory valuation method is used. Date Transaction Number of Units Per Unit Total Mar 1 Inventory 10,500 1.5 $15,750 Mar 8 Purchase 12,000 1.6 $19,200 Mar 11 Sold 11,000 2.5 $27,500 Mar 12 Sold 9,500 2.5 $23,750 Mar 14 Purchase 8,000 1.65 $13,200 Mar 15 Sold 5,000 2.6 $13,000 Mar 19 Sold 4,000 2.6 $10,400 Mar 22 Purchase 7,000 1.7 $11,900 Mar 24 Sold 4,000 2.6 $10,400 Mar 25 Sold 2,500 2.6 $6,500 Mar 26 Purchase 10,000 1.72 $17,200 Mar 28 Sold 5,000 2.6 $13,000 FIFO Purchases Cost of Goods Sold Inventory Quantity UnitCost TotalCost…
am.111.
! Required information [The following information applies to the questions displayed below.] Laker Company reported the following January purchases and sales data for its only product. For specific identification, ending inventory consists of 200 units from the January 30 purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory. Date January 1 January 10 January 20 January 25 January 30 Assume the perpetual inventory system is used. Required: Activities Beginning inventory Sales Purchase Sales Purchase Totals Specific Identification Purchase Date January 1 January 20 January 30 FIFO Units Acquired at Cost @ $ 7.50 = Complete this question by entering your answers in the tabs below. LIFO Available for Sale Activity Beginning inventory Purchase Purchase 150 units 80 units @ 3. Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. 4. Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. # of units…
Required information [The following information applies to the questions displayed below.] Laker Company reported the following January purchases and sales data for its only product. For specific identification, ending inventory consists of 200 units from the January 30 purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory. Date January 1 January 10 January 20 January 25 January 30 View transaction list 110 units 90 units 200 units $16.50 $16.50

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