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during the year, TRC corporation has the following inventory transactions Number of Units 49 Date Transaction Jan. 1 Beginning inventory Apr. 7 Purchase Jul.16 Purchase
during the year, TRC corporation has the following inventory transactions
Number of Units 49 Date Transaction Jan. 1 Beginning inventory Apr. 7 Purchase Jul.16 Purchase Oct. 6 Purchase Unit Cost $ 41 43 46 47 129 199 109 486 Total Cost $ 2,009 5,547 9,154 5,123 $21,833 For the entire year, the company sells 428 units of inventory for $59 each. Required: 1. Using FIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. FIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost of Cost per Cost of Cost per Goods Cost # of units Ending Goods # of units Available unit # of units unit per unit Inventory Sold for Sale 49 $ 41 $ 2,009 49 $ 41 $ 2,009 Beginning Inventory Purchases: 43 $ Apr. 7 43 129 $ 199 $ $ 129 199 $ Jul 16 Oct.6 46 46 47 5,547 9,154 5,123 $ 21,833 5,547 9,154 0 109 $ 47 Total 486 Sales revenue Gross profit Number of Units 49 Date Transaction Jan. 1 Beginning inventory Apr. 7 Purchase Jul.16 Purchase Oct. 6 Purchase Unit Cost $ 41 43 46 47 129 199 109 Total Cost $ 2,009 5,547 9,154 5,123 $21,833 486 For the entire year, the company sells 428 units of inventory for $59 each. 2. Using LIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. LIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost per # of units Cost of Goods Sold Cost of Cost per Goods # of units unit Available for Sale $ 41] $ 2,009 # of units Cost Ending per unit Inventory unit 49 49 $ 41 $ 2,009 Beginning Inventory Purchases: Apr 07 43 129 $ 199 $ 46 $ 46 Jul 16 Oct 06 Total 5,547 9,154 5,123 $ 21,833 199 109 9,154 5,123 109 $ 47 $ 47 486 Sales revenue Gross profit Check my work Date Transaction Jan. 1 Beginning inventory Apr. 7 Purchase Jul.16 Purchase Oct. 6 Purchase Number of Units 49 129 199 109 486 Unit Cost $.41 43 46 47 Total cost $ 2,009 5,547 9,154 5,123 $21,833 For the entire year, the company sells 428 units of inventory for $59 each. 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 Ave 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 49 $ 2,009 129 Beginning Inventory Purchases: Apr 07 Jul 16 Oct 06 Total 199 109 486 5,547 9,154 5,123 21,833 $ Sales revenue Gross profit Step by Step Solution
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