During the year, TRC Corporation has the following inventory transactions. Date January 1 April 7 July 16 October 6 Transaction Beginning inventory Purchase Purchase Purchase FIFO For the entire year, the company sells 426 units of inventory for $57 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. Beginning Inventory Purchases: April 07 July 16 October 06 Complete this question by entering your answers in the tabs below. Using FIFO, calculate ending inventory and cost of goods sold. Cost of Goods Available for Sale Cost of Goods Available for Sale $ Total Req la and b Req 1c and d Req 2a and b Req 2c and d Req 3a and b Req 3c and d Number of Unit Total Cost $39 41 44 45 Number Cost per of units unit 47 $ 39 Units 47 127 197 107 478 127 $ 41 197 $ 44 107 $ 45 478 1,833 5,207 8,668 4,815 $ 20,523 Cost of Goods Sold Number Cost per of units unit $ 5,207 8,668 4,815 $20,523 $ Cost $1,833 53 5 $ $ 41 44 45 Cost of Goods Sold 39 $ 0 0 0 0 Req 4 Ending Inventory Number of units Cost Ending per unit Inventory Exercise 6-4 (Algo) Calculate inventory amounts when costs are rising (LO6-3) During the year, TRC Corporation has the following inventory transactions. Date January 1 April 7 July 16 October 6 Transaction Beginning inventory Purchase Purchase Purchase Req 1a and b Number of Unit Cost $39 41 44 45 For the entire year, the company sells 426 units of inventory for $57 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. Sales revenue Gross profit Units 47 127 197 107 478 Complete this question by entering your answers in the tabs below. Using FIFO, calculate sales revenue and gross profit. Total Cost $1,833 5,207 8,668 4,815 $20,523 Req 1c and d Req 2a and b Req 2c and d Req 3a and b Req 3c and d Req 4 Exercise 6-4 (Algo) Calculate inventory amounts when costs are rising (LO6-3) During the year, TRC Corporation has the following inventory transactions. Date January 1 April 7 July 16 October 6 Transaction Beginning inventory Purchase Purchase. Purchase LIFO For the entire year, the company sells 426 units of inventory for $57 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. Beginning Inventory Purchases: Complete this question by entering your answers in the tabs below. Using LIFO, calculate ending inventory and cost of goods sold. April 07 July 16 October 06 Req 1a and b Req 1c and d Req 2a and b Req 2c and d Req 3a and b Req 3c and d Total Number of Unit Cost Units 47 127 197 107 478 Number Cost per of units unit Cost of Goods Available for Sale Cost of Goods Available for Sale 39 $ 1,833 47 $ 127 $ 41 197 $ 44 107 $ 45 478 $ $39 41 44 45 Total Cost $1,833 5,207 8,668 4,815 $20,523 5,207 8,668 4,815 20,523 Cost of Goods Sold Number Cost per of units unit Cost of Goods Sold Req 4 Ending Inventory Number Cost Ending of units per unit Inventory Exercise 6-4 (Algo) Calculate inventory amounts when costs are rising (LO6-3) During the year, TRC Corporation has the following inventory transactions. Date January 1 April 7 July 16. October 6 Transaction Beginning inventory Purchase Purchase Purchase Number of Unit Cost $39 41 44 45 Units 47 127 197 107 478 For the entire year, the company sells 426 units of inventory for $57 each. Required: 1-a & b. Using FIF 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. Total Cost $1,833 5,207 8,668 4,815 $20,523 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. Using LIFO, calculate sales revenue and gross profit. Sales revenue Gross profit Complete this question by entering your answers in the tabs below. Req 1a and b Req 1c and d Req 2a and b Req 2c and d Req 3a and b Req 3c and d Req 4 Exercise 6-4 (Algo) Calculate inventory amounts when costs are rising (LO6-3) During the year, TRC Corporation has the following inventory transactions. Date January 1 April 7 July 16 October 6 Transaction Beginning inventory Purchase Purchase Purchase For the entire year, the company sells 426 units of inventory for $57 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. Weighted Average Cost Beginning Inventory Purchases: Complete this question by entering your answers in the tabs below. April 07 July 16 October 06 Req la and b Req 1c and d Req 2a and b Req 2c and d Req 3a and b Req 3c and d Total Number of Unit Cost $39 41 44 45 Units 47 Using weighted-average cost, calculate ending inventory and cost of goods sold. (Round "Average Cost per unit" to 4 decimal places and all other answers to 2 decimal places.) Ending Inventory - Weighted Average Cost Number of units 47 127 197 107 478 Cost of Goods Available for Sale 127 197 107 478 Average Cost per Unit Total Cost $1,833 5,207 8,668 4,815 $20,523 Cost of Goods Available for Sale $ $ 1,833 5,207 8,668 4,815 20,523 Req 4 Cost of Goods Sold - Weighted Average Cost Number Average Cost per of units Unit Cost of Goods Sold Number of Average Cost per units Unit Ending Inventory Exercise 6-4 (Algo) Calculate inventory amounts when costs are rising (LO6-3) During the year, TRC Corporation has the following inventory transactions. Date January 1 April 7 July 16 October 6 Transaction Beginning inventory Purchase Purchase Purchase Number of Unit Cost $39 41 44 45 Units 47 127 197 107 478 Total Cost $1,833 5,207 8,668 4,815 $20,523 For the entire year, the company sells 426 units of inventory for $57 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. Complete this question by entering your answers in the tabs below. Req 1a and b Req 1c and d Req 2a and b Req 2c and d Req 3a and b Req 3c and d < Req 3a and b Using weighted-average cost, calculate sales revenue and gross profit. (Round answers to 2 decimal places.) Sales revenue Gross profit Req 4 Req 4 > Exercise 6-4 (Algo) Calculate inventory amounts when costs are rising (LO6-3) During the year, TRC Corporation has the following inventory transactions. Date January 1 April 7 July 16 October 6 Transaction Beginning inventory Purchase Purchase Purchase Number of Unit Cost $39 41 44 45 Units 47 127 197 107 478 Total Cost $1,833 5,207 8,668 4,815 $20,523 For the entire year, the company sells 426 units of inventory for $57 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. Complete this question by entering your answers in the tabs below. Req 1a and b Req 1c and d Req 2a and b Req 2c and d Req 3a and b Req 3c and d Determine which method will result in higher profitability when inventory costs are rising. Determine which method will result in higher profitability when inventory costs are rising. < Req 3c and d Req 4 Req 4 >