Problem 1 During the year, TRC Corporation has the following inventory transactions Date Transaction Number of Units Unit CostTotal Cost Jan 1 Beginning inventory Apr 7 Purchase Jul 16Purchase Oct 6 Purchase 50 $42 $ 2,100 130 44 5,720 47 9,400 48 5 280 $22 500 200 490 For the entire year, the company sells 440 units of inventory for $60 each Required 1 Using FIFO, calculate (a) ending inventory, (b) cost of goods sold, (c) sales revenue, and (d) gross profit Using LIFO, calculate (a) ending inventory, (b) cost of goods sold, (e) sales revenue, and (d) gross profit 2

Question

Problem 1 During the year, TRC Corporation has the following inventory transactions  Date Transaction Number of Units Unit CostTotal Cost Jan  1 Beginning inventory Apr  7 Purchase Jul  16Purchase Oct  6 Purchase 50 $42 $ 2,100 130 44 5,720 47 9,400 48 5 280 $22 500 200 490 For the entire year, the company sells 440 units of inventory for $60 each  Required  1  Using FIFO, calculate (a) ending inventory, (b) cost of goods sold, (c) sales revenue, and (d) gross profit  Using LIFO, calculate (a) ending inventory, (b) cost of goods sold, (e) sales revenue, and (d) gross profit  2

Accepted Answer

The Answer is in the image, click to view ...

Question

Problem 1 During the year, TRC Corporation has the following inventory transactions. Date Transaction Number of Units Unit CostTotal Cost Jan. 1 Beginning inventory Apr.

Step by Step Solution

Step: 1

Get Instant Access with AI-Powered Solutions

Step: 2

Step: 3

Ace Your Homework with AI