Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

During the year, TRC Corporation has the following inventory transactions. Unit Date Transaction Number of Units Cost Total Cost Jan. 1 Beginning inventory 55 $

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed During the year, TRC Corporation has the following inventory transactions. Unit Date Transaction Number of Units Cost Total Cost Jan. 1 Beginning inventory 55 $ 47 $ 2,585 Apr. 7 Purchase 135 49 6,615 Jul.16 Purchase 205 52 10,660 Oct. 6 Purchase 115 53 6,095 510 $25,955 For the entire year, the company sells 441 units of inventory for $65 each. 2. Using LIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. 2. Using LIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. LIFO Ending Inventory Cost of Goods Available for Sale Cost of Goods Sold # of units Cost per unit # of units Cost per unit Cost of Goods Sold # of units Cost of Goods Available for Sale Cost Ending per unit Inventory Beginning Inventory Purchases: Apr 07 Jul 16 Oct 06 Total Sales revenue Gross profit 3. Using weighted-average cost, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. (Round "Average Cost per unit" to 4 decimal places and all other answers to the nearest whole number.) Cost of Goods Available for Sale Cost of Goods Sold - Weighted Average Cost Ending Inventory - Weighted Average Cos Weighted Average Cost # of units Cost per unit Cost of Goods Available for Sale # of units Sold Cost per Unit Cost of Goods Sold # of units in Ending Inventory Cost per unit Ending Inventor 55 $ 2,585 Beginning Inventory Purchases: Apr 07 135 6,615 Jul 16 205 10,660 Oct 06 115 6,095 Total 510 $ 25,955 Sales revenue Gross profit

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting Principles Part 1

Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Kinnear, Joan E. Barlow

6th Canadian edition

1118306783, 978-1118728918, 1118728912, 978-1118306789

More Books

Students also viewed these Accounting questions