Exercise 6-4 (Algo) Calculate inventory amounts when costs are rising (L06-3) During the year, TRC Corporation has the following inventory transactions. Number of Unit Total Date Transaction Units Cost Cost Beginning inventory 56 $48 $2,688 January 1 April 7 July 16. Purchase 136 50 6,800 10,918 Purchase 206 53 October 6 Purchase 116 54 6,264 $26,670 514 For the entire year, the company sells 442 units of inventory for $66 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 4 Using LIFO, calculate ending inventory and cost of goods sold. LIFO Cost of Goods Available for Sale Cost of Goods Sold Number Cost per of units Cost of Goods Available for Sale unit Beginning Inventory 56 $ 48 $ 2,688 Purchases: April 07 136 $ 50 6,800 July 16 206 $ 53 10,918 October 06 116 $ 54 6,264 514 $ 26,670 Total Number Cost per of units unit 433 Exercise 6-4 (Algo) Calculate inventory amounts when costs are rising (LO6-3) During the year, TRC Corporation has the following inventory transactions. Number of Unit Total Transaction Units Cost Cost 56 $48 $2,688 Date January 1 April 7 July 16. Beginning inventory Purchase 136 50 6,800 Purchase 206 53 10,918 October 6 Purchase 116 54 6,264 514 $26,670 For the entire year, the company sells 442 units of inventory for $66 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 4 Using LIFO, calculate sales revenue and gross profit. Sales revenue Gross profit Exercise 6-4 (Algo) Calculate inventory amounts when costs are rising (LO6-3) During the year, TRC Corporation has the following inventory transactions. Number of Unit Total Transaction Units Cost Cost Beginning inventory 56 $48 $2,688 Date January 1 April 7 July 16 Purchase 136 50 6,800 10,918 Purchase 206 53 October 6 Purchase. 116 54 6,264 514 $26,670 For the entire year, the company sells 442 units of inventory for $66 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 4 Req 1a and b Req 1c and d Req 2a and b Req 2c and d Req 3a and b Req 3c and d 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.) Cost of Goods Available for Sale Cost of Goods Sold - Weighted Average Cost Weighted Average Cost Ending Inventory - Weighted Average Cost Ending Inventory Number Average Cost per Unit Cost of Goods Sold Number of Average Cost per Unit of units units Beginning Inventory Purchases: April 07 July 16 October 06 442 Exercise 6-4 (Algo) Calculate inventory amounts when costs are rising (LO6-3) During the year, TRC Corporation has the following inventory transactions. Number of Unit Total Transaction Units Cost Cost Beginning inventory 56 $48 $2,688 Date January 1 April 7 July 16 Purchase 136 50 6,800 10,918 Purchase 206 53 October 6 Purchase. 116 54 6,264 514 $26,670 For the entire year, the company sells 442 units of inventory for $66 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 4 Req 1a and b Req 1c and d Req 2a and b Req 2c and d Req 3a and b Req 3c and d 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.) Cost of Goods Available for Sale Cost of Goods Sold - Weighted Average Cost Weighted Average Cost Ending Inventory - Weighted Average Cost Ending Inventory Number Average Cost per Unit Cost of Goods Sold Number of Average Cost per Unit of units units Beginning Inventory Purchases: April 07 July 16 October 06 442 Exercise 6-4 (Algo) Calculate inventory amounts when costs are rising (LO6-3) During the year, TRC Corporation has the following inventory transactions. Number of Unit Total Date Transaction Cost Cost Units 56 Beginning inventory $48 $2,688 January 1 April 7 July 16 Purchase 136 50 6,800 Purchase 206 53 10,918 October 6 Purchase 116 54 6,264 514 $26,670 For the entire year, the company sells 442 units of inventory for $66 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 4 Using weighted-average cost, calculate sales revenue and gross profit. (Round answers to 2 decimal places.) Sales revenue Gross profit Exercise 6-4 (Algo) Calculate inventory amounts when costs are rising (LO6-3) During the year, TRC Corporation has the following inventory transactions. Number of Unit Total Date Units Cost Cost Transaction Beginning inventory 56 $48 $2,688 January 1 April 7 July 16 Purchase 136 50 6,800 Purchase 206 53 10,918 October 6 Purchase 116 54 6,264 514 $26,670 For the entire year, the company sells 442 units of inventory for $66 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 4 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.