Question
Can you help me with this question? Thank you! During the year, TRC Corporation has the following inventory transactions. Date Transaction Number of Units Unit
Can you help me with this question? Thank you!
During the year, TRC Corporation has the following inventory transactions.
Date | Transaction | Number of Units | Unit Cost | Total Cost |
---|---|---|---|---|
January 1 | Beginning inventory | 58 | $50 | $2,900 |
April 7 | Purchase | 138 | 52 | 7,176 |
July 16 | Purchase | 208 | 55 | 11,440 |
October 6 | Purchase | 118 | 56 | 6,608 |
522 | $28,124 |
For the entire year, the company sells 444 units of inventory for $68 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.
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