finance

Required information [The following information applies to the questions displayed below.] During the year, TRC Corporation has the following inventory transactions. Date Transaction Jan. 1 Beginning inventory Apr. 7 Purchase Jul.16 Purchase Oct. 6 Purchase Number of Units Unit Cost 48 $ 40 128 42 45 108 46 482 Total Cost $ 1,920 5,376 8,910 4,968 $21, 174 198 For the entire year, the company sells 427 units of inventory for $58 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 ces # of units Cost per unit cost of Goods Available for Sale Cost per # of units unit Cost of Goods Sold # of units Cost Ending per unit Inventory Beginning inventory Purchases Apr. 7 Jul 16 Oct 6 Total Sales revenue Gross profit Required information [The following information applies to the questions displayed below.] During the year, TRC Corporation has the following inventory transactions Date Transaction Jan. 1 Beginning inventory Apr. 7 Purchase Jul.16 Purchase Oct. 6 Purchase Number of Units Unit Cost 48 $ 40 128 42 198 45 108 Total Cost $ 1,920 5,376 8,910 4,968 $21, 174 46 482 For the entire year, the company sells 427 units of inventory for $58 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 Available for Sale Cost per # of units unit Cost of Goods Sold # of units Cost Ending per unit Inventory unit Beginning Inventory Purchases Apr 07 Jul 16 Oct 06 Total Sales revenue Gross profit {The following information applies to the questions displayed below.) During the year, TRC Corporation has the following inventory transactions. Date Transaction Jan. 1 Beginning inventory Apr. 7 Purchase Jul.16 Purchase Oct. 6 Purchase Number of Units Unit Cost Total Cost 48 $ 40 $ 1,920 128 42 5,376 198 45 8,910 108 46 4,968 482 $21,174 For the entire year, the company sells 427 units of inventory for $58 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 Average Cost Weighted Average Cost Cost per # of units Cost of Goods Available for Sale # of units Sold Cost of Goods Sold Cost per Unit # of units in Ending Inventory unit Cost per unit Ending Inventory 48 $ 1,920 Beginning Inventory Purchases: Apr 07 Jul 16 Oct 06 Total 128 198 5,376 8,910 4,968 21.174 108 482 $ Sales revenue Gross profit Required information The following information applies to the questions displayed below. During the year, TRC Corporation has the following inventory transactions. Date Transaction Jan. 1 Beginning inventory Apr. 7 Purchase Jul. 16 Purchase Oct. 6 Purchase Number of Units Unit Cost Total Cost 48 $ 40 $ 1,920 128 42 5,376 198 45 8,910 108 46 4,968 482 $21, 174 For the entire year, the company sells 427 units of inventory for $58 each. 4. Determine which method will result in higher profitability when inventory costs are rising, ces Multiple Choice Weighted average FIFO LIFO