Required information [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 Unit Cost 52 $ 44 132 46 202 49 112 50 498 Total Cost $ 2,288 6,072 9,898 5,600 $23,858 For the entire year, the company sells 432 units of inventory for $62 each. Required information 1. Using FIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. FIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost per # of units Cost per # of units unit Cost of Goods Sold # of units Cost of Goods Available for Sale $ 2.288 unit Cost Ending per unit Inventory 52 $ 44 $ 44 $ 0 0 Beginning Inventory Purchases: Apr. 7 Jul. 16 132 $ 46 6,072 $ 46 0 202 $ 49 $ 49 POO 0 Oct.6 112 $ 50 9,898 5,600 23,858 $ 50 66 $ 50 3,300 $ 3,300 Total 498 $ $ 8,753 66 Sales revenue Gross profit Required information [The following information applies to the questions displayed below.] During the year, TRC Corporation has the following inventory transactions. Date Jan. 1 Apr. 7 Jul. 16 Oct. 6 Transaction Beginning inventory Purchase Purchase Purchase Number of Units Unit Cost 52 $ 44 132 46 202 49 112 50 498 Total Cost $ 2,288 6,072 9,898 5,600 $23,858 For the entire year, the company sells 432 units of inventory for $62 each. 2. Using LIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. 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 Cost per Cost per # of units Cost of Goods Available for Sale # of units Cost of Goods Sold # of units Cost Ending per unit Inventory unit unit Beginning Inventory Purchases: Apr 07 Jul 16 Oct 06 Total Sales revenue Gross profit Required information (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 Unit Cost 52 $ 44 132 46 202 49 112 50 498 Total Cost $ 2, 288 6,072 9,898 5,600 $23,858 For the entire year, the company sells 432 units of inventory for $62 each. Required Information 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 per # of units Cost of Goods # of units Available for Sold Sale Cost per Unit Cost of Goods Sold # of units in Ending Inventory Cost per unit Ending Inventory unit 52 $ 2.288 Beginning Inventory Purchases: Apr 07 Jul 16 132 202 6,072 9,898 5,600 23,858 Oct 06 112 Total 498 $ Sales revenue Gross profit
