Answered step by step
Verified Expert Solution
Question
1 Approved Answer
first picture is for FIFO, Second one is for LIFO, third one is same numbers but different setup part 2 part 3 Required information Exercise
first picture is for FIFO, Second one is for LIFO, third one is same numbers but different setup
Required information Exercise 6-4A Calculate inventory amounts when costs are rising (L06-3) [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 48 128 198 108 482 Unit Cost $ 40 42 45 Total Cost $ 1,920 5,376 8,910 4.968 $21, 174 For the entire year, the company sells 427 units of inventory for $58 each. Exercise 6-4A Part 1 Required: 1. Using FIFO, calculate ending inventory, cost of goods sold, sales revenue and gross profit FIFO Cost of Goods Sold Ending Inventory # of units Cost per Cost of Goods Available for Sale Cost of Goods unit Available for Sale $ of units Cost per unit Cost of Goods Sold # of units Cost Ending per unit Inventory O $ 0 $ 0 Beginning Inventory Purchases Apr. 7 Jul. 16 Oct.6 $ $ $ Oo OOOO loo 0 0 Total $ Sales revenue Gross profit Required information Exercise 6-4A Calculate inventory amounts when costs are rising (L06-3) (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 48 128 198 108 482 Unit Cost $ 40 42 45 46 Total Cost $ 1,920 5,376 8,910 4,968 $21, 174 For the entire year, the company sells 427 units of inventory for $58 each. Exercise 6-4A Part 2 2. Using LIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. LIFO Cost of Goods Sold Ending Inventory Cost of Goods Available for Sale Cost of # of units Goods unit Available for Sale $ 0 Cost per Cost per # of units unit Cost of Goods Sold # of units Cost Ending per unit Inventory 0 Beginning Inventory Purchases: Apr 07 Jul 16 Oct 06 0 0 Total 0 $ 0 Sales revenue Gross profit Exercise 6-4A Calculate inventory amounts when costs are rising (L06-3) The following information applies to the questions displayed below.) During the year, TRC Corporation has the following Inventory transactions Number of Unit Date Transaction Unita Cost Total Cost Jan. 1 Beginning Inventory 48 $40 $ 1,920 Apr. 7 Purchase 128 42 5,376 Jul.16 Purchase 198 45 8,910 Oct. 6 Purchase 108 46 482 $21, 174 For the entire year, the company sells 427 units of inventory for $58 each Exercise 6-4A Part 3 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 Averago Cost Cost of Goods of units # of units Cost per unit Cost per Unit Cost of Goods Sold Available for Sale # of units in Ending Inventory Cost per unit Ending Inventory Sold 48 1.920 Boginning Inventory Purchases Apr 07 Jul 16 Oct 06 Total 128 198 108 482 5,376 8,910 4.968 21.174 $ Sales revenue Gross profit part 2
part 3
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started