[The following information applies to the questions displayed below.] During the year, TRC Corporation has the following inventory transactions. Number of Units Unit Cost $ 40 Date Transaction Jan. 1 Beginning inventory Apr. 7 Purchase Jul.16 Purchase Oct. 6 Purchase Total Cost $ 1.920 5.376 8.910 4.968 $21.174 For the entire year, the company sells 427 units of inventory for $58 each. Required: 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 of Goods # of units Cost per unit Ending Cost of Goods Cost of units Cost per unit of units Available Sold per unit Inventory for Sale of $ 0 $ Beginning Inventory Purchases: Apr. 7 Jul. 16 Oct 6 Total OOOO 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. Number of Units Unit Cost $ 40 Dato Transaction Jan. 1 Beginning inventory Apr. 7 Purchase Jul.16 Purchase Oct. 6 Purchase 198 Total Cost $ 1,920 5,376 8,910 4,968 $21,174 For the entire year, the company sells 427 units of inventory for $58 each. 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 Cost of Goods Available for Sale Cost of Goods Sold unit # of units Cost per unit # of units Cost Ending per unit Inventory Beginning Inventory Purchases: Apr 07 Jul 16 Oct 06 Total Sales revenue Gross profit The following information applies to the questions displayed below.) During the year, TRC Corporation has the following Inventory transactions. Number of Date Transaction Jan. 1 Beginning inventory Apr. 7 Purchase Jul.16 Purchase Oct. 6 Purchase Unit Coat $ 40 42 128 Total Cost $ 1.920 5,376 8.910 4,968 198 108 46 For the entire year, the company sells 427 units of Inventory for $58 each. 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 # of units Cost per unit Cost of Goods Available for Sale # of units Sold Cost of Cost per Unit # of units in Ending Goods Sold Cost per unit Ending Inventory Inventory 1.920 5.376 Beginning Inventory Purchases: Apr 07 Jul 16 Oct 06 Total 108 482 21.174 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 Number of Units Unit Cost $ 40 Transaction Jan. 1 Beginning inventory Apr. 7 Purchase Jul.16 Purchase Oct. 6 Purchase 128 Total Cost $ 1,920 5,376 8, 910 108 $21. 174 For the entire year, the company sells 427 units of inventory for $58 each. 4. Determine which method will result in higher profitability when inventory costs are rising. Multiple Choice Weighted average O o o
