Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I apologize, I only need part 3 for this one. not 2 Required information Exercise 6-4A Calculate inventory amounts when costs are rising (LO6-3) [The

image text in transcribed
image text in transcribed
I apologize, I only need part 3 for this one. not 2
image text in transcribed
Required information Exercise 6-4A Calculate inventory amounts when costs are rising (LO6-3) [The following information applies to the questions displayed below.) During the year, TRC Corporation has the following inventory transactions. Unit Cost $ 50 Apr. 7 Date Transaction Jan. 1 Beginning inventory Purchase Jul.16 Purchase Oct. 6 Purchase Number of Units 58 138 208 118 522 52 Total Cost $ 2,900 7,176 11,440 6,608 $28,124 55 56 For the entire year, the company sells 444 units of inventory for $68 each. Exercise 6-4A Part 2 2. Using LIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. Required information 2. Using LIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. Ending Inventory Cost of Goods Sold Cost of Cost per # of units Goods unit Sold Cost per # of units Cost Ending per unit Inventory LIFO Cost of Goods Available for Sale Cost of # of units Goods unit Available for Sale Beginning Inventory Purchases: Apr 07 Jul 16 Oct 06 Total Sales revenue Gross profit 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 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 Ending Inventory 58 $ 2.900 Beginning Inventory Purchases Apr 07 Jul 16 Oct 08 Total 138 208 118 522 7,176 11,440 5,608 28,124 $ Sales revenue Gross profit

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting

Authors: Tony Davies, Ian Crawford

1st Edition

0273723073, 9780273723073

More Books

Students also viewed these Accounting questions