Required information Exercise 6-3A Prepare a multiple-step income statement and analyze profitability (LO6-2) (The following information applies to the questions displayed below.] Tisdale Incorporated reports the following amount in its December 31, 2021, income statement. Sales revenue Non-operating revenue Selling expenses General expenses $345,000 119,000 69,000 59,000 Income tax expense Cost of goods sold Administrative expenses $ 39,000 199,000 49,000 Exercise 6-3A Part 1 Required: 1. Prepare a multiple-step income statement. (Losses should be indicated by a minus sign.) TISDALE INCORPORATED Multiple-step Income Statement For the year ended December 31, 2021 Total operating expenses Operating income (loss) 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 Unit Number of Units Cost 41 $ 33 121 35 191 38 101 39 454 Total Cost $ 1,353 4,235 7,258 3,939 $16,785 For the entire year, the company sells 410 units of inventory for $51 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 Cost of Goods Available for Sale Cost of Goods unit Available for Sale # of units Cost per # of units Cost per unit Cost of Goods 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 (LO6-3) [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 Unit Number of Units Cost 41 $ 33 121 35 191 38 101 39 454 Total Cost $ 1,353 4,235 7,258 3,939 $16,785 For the entire year, the company sells 410 units of inventory for $51 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 Goods unit Available for Sale # of units Cost per Cost per # of units 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 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. Date Transaction Jan. 1 Beginning inventory Apr. 7 Purchase Jul.16 Purchase Oct. 6 Purchase Unit Number of Units Cost 41 $ 33 121 35 191 38 101 39 454 Total Cost $ 1,353 4,235 7,258 3,939 $16,785 For the entire year, the company sells 410 units of inventory for $51 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 Average Cost Cost of Goods # of units # of units # of units Cost per unit Cost per Unit Cost of Available for Sale Sold Cost per unit Goods Sold in Ending Ending Inventory Inventory 41 $ 1,353 Beginning Inventory Purchases: : Apr 07 Jul 16 Oct 06 121 191 4,235 7,258 3,939 16,785 101 Total 454 $ Sales revenue Gross profit
