During the year, TRC Corporation has the following inventory transactions.

$\backslash$table$[[,,$Transaction,Number of$,$Unit,Total$],[$Date$,$Units,Cost,Cost,,$],[$January $1,$Beginning inventory,$59,$$$51,$$$3,009,],[$April $7,$Purchase,$139,53,7,367,],[$July $16,$Purchase,$209,56,11,704,],[$October $6,$Purchase,$119,57,6,783,],[,,526,,$$$28,{863}_{?},]]$

For the entire year, the company sells $445$ units of inventory for $$69$ 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.

$\backslash$table$[[$Req $1$a and $b,$Req $1c$ and $d,$Req $2$a and $b,$Req $2c$ and $d,$Req $3$a and $b,$Req $3c$ and $d,$Req $4]]$

Using FIFO, calculate ending inventory and cost of goods sold.

$\backslash$table$[[$FIFO$,$Cost of Goods Available for Sale,Cost of Goods Sold,Ending Inventory$],[$Cost of$,$Cost of$,,,,]]$

Prey

$4$ of $21$

Next