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Im trying to get the gross profit I did everything right, still saying im wrong help? During the year, TRC Corporation has the following inventory
Im trying to get the gross profit I did everything right, still saying im wrong help?
During the year, TRC Corporation has the following inventory transactions. For the entire year, the company sells 411 units of inventory for $52 each. Required: 1-a \& b. Using FIFO, calculate ending inventory and cost of goods sold. 1-c \& d. Using FIFO, calculate sales revenue and gross profit. 2-a \& b. Using LIFO, calculate ending inventory and cost of goods sold. 2-c \& d. Using LIFO, calculate sales revenue and gross profit. 3-a \& b. Using weighted-average cost, calculate ending inventory and cost of goods sold. 3-c \& d. Using weighted-average cost, calculate sales revenue and gross profit. 4. Determine which method will result in higher profitability when inventory costs are rising. Complete this question by entering your answers in the tabs below. \begin{tabular}{|l|l|l|l|l|l|l|} \hline Req 1a and b & Req 1c and d & Req 2a and b & Req 2c and d & Req 3a and b & Req 3c and d & Req 4 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|c|c|c|c|c|} \hline \multirow[b]{2}{*}{ Weighted Average Cost } & \multicolumn{3}{|c|}{ Cost of Goods Available for Sale } & \multicolumn{3}{|c|}{ Cost of Goods Sold - Weighted Average Cost } & \multicolumn{3}{|c|}{ Ending Inventory - Weighted Average Cost } \\ \hline & Numberofunits & AverageCostperUnit & CostofGoodsAvailableforSale & Numberofunits & AverageCostperUnit & CostofGoodsSold & Numberofunits & AverageCostperUnit & EndingInventory \\ \hline Beginning Inventory & 42 & & 1,428 & & & & & & \\ \hline \multicolumn{10}{|l|}{ Purchases: } \\ \hline April 07 & 122 & & 4,392 & & & & & & \\ \hline July 16 & 192 & & 7,488 & & & & & & \\ \hline October 06 & 102 & & 4,080 & & & & & & \\ \hline Total & 458 & 37.9650 & 17,388 & 411 & 37.9650 & 15,603.62 & 47 & 37.9650$ & 1,784.36 \\ \hline \end{tabular} Req 2c and d Req 3c and d > 1-a \& b. Using FIFO, calculate ending inventory and cost of goods sold. 1c \& 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. Answer is not complete. Complete this question by entering your answers in the tabs below. Using weighted-average cost, calculate sales revenue and gross profit. (Round answers to 2 decimal places.)Step by Step Solution
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