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Answer the question and provide answers to the unanswered blue boxes please and thank you! During the year, TRC Corporation has the following inventory transactions.
Answer the question and provide answers to the unanswered blue boxes please and thank you!
During the year, TRC Corporation has the following inventory transactions. Number of $ 3,120 $ 29,610 Date January 1 April 7 July 16 October 6 Transaction Beginning inventory Purchase Purchase Purchase Units 60 140 210 120 530 Unit Cost $ 52 54 57 58 Total Costa 11, 6, 960 For the entire year, the company sells 450 units of inventory for $70 each. Required: I-a & b. Using FIFO, calculate ending inventory and cost of goods sold. I-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. Complete this question by entering your answers in the tabs below. Req la and b Req lc and d Req 2a and b Req 2c and d Req 3a and b Req 3c and d IJsing FIFO, calculate ending inventory and cost of goods sold, Cost of Goods Available for Sale Cost of Goods Sold Req 4 Ending Inventory Number Cost Ending of units per unit Inventory FIFO Beginning Inventory Purchases: April 07 July 16 October 06 Total Number of units 60 140 210 120 530 Cost per unit 52 54 57 58 Cost of Goods Available for Sale 3,120 7,560 11,970 6,960 29,610 Number Cost per of units unit 52 54 57 58 Cost of Goods Sold 0 0 Req Ic and d 80 $ 4,640 < Roq Ia and b
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