mudule Chapter ba - Connect e 2/Chapter 6a Sav 2 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 49 129 199 109 486 Unit Cost Total Cost $ 41 $ 2,809 43 5,547 46 9,154 47 5,123 $21,833 aces For the entire year, the company sells 428 units of inventory for $59 cach. Exercise 6-4A Part 1 Required: 1. Using FIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. FIFO Ending Inventory Cost of Goods Available for Sale Cost of Goods Sold Cost of #of Cost per Cost of Goods units Cost unit Available #of units Goods per unit for Sale Sold #of units Cost Ending per unit Inventory Beginning Inventory Purchases Apr. 7 Jul. 16 Oct 6 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 49 129 199 109 486 Unit Cost $ 41 43 46 47 Total Cost $ 2,009 5,547 9,154 5,123 $21,833 For the entire year, the company sells 428 units of inventory for $59 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 Available for Sale Cost of Goods Sold Ending Inventory #of units Cost per unit Cost of Goods Available for Sale # of units Cost per unit Cost of Goods Sold # of units Cost Ending per unit Inventory Beginning Inventory Purchases: Apr 07 Jul 16 Oct 06 Total Sales revenue Gross profit 7 B of 4 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 Number of Date Unit Transaction Units Cost Total Cost Jan. 1 Beginning inventory Apr. 7 Purchase $41 $ 2,009 129 Jul.16 Purchase 5,547 199 46 9,154 Oct. 6 Purchase 47 5,123 486 $21,833 49 43 109 rences For the entire year, the company sells 428 units of inventory for $59 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 Ending inventory - Weighted Average cost Weighted Average Cost Cost of Goods of units Cost per # of units #of units Available for Cost of unit Cost per Unit Ending Sold Sale Goods Sold in Ending Cost per unit Inventory Inventory Beginning Inventory 2,009 Purchases Apr 07 129 5,547 Jul 16 199 9,154 Oct 06 109 5,123 Total 486 $ 21,833 49 S Sales revenue Gross profit apter 6a Saved 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. Number of Unit Date Transaction Units Cost Total Cost Jan. 1 Beginning inventory 49 $41 $ 2,009 Apr. 7 Purchase 129 5,547 Jul.16 Purchase 199 9,154 Oct. 6 Purchase 109 47 5,123 486 $21,833 43 46 For the entire year, the company sells 428 units of inventory for $59 each Exercise 6-4A Part 4 4. Determine which method will result in higher profitability when inventory costs are rising. Multiple Choice FIFO O LIFO O Weighted average
