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These are all from the same problem, just spilt up into different parts. If you could please explain how you got your answers that would
These are all from the same problem, just spilt up into different parts. If you could please explain how you got your answers that would great!
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 46 126 196 106 Unit Cost $ 38 40 43 44 Total Cost $ 1,748 5,040 8,428 4,664 $19,880 474 For the entire year, the company sells 425 units of inventory for $56 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 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. 7 Jul. 16 Oct.6 Total Sales revenue Gross profit 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 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 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 # of units Cost per unit Cost of Goods Available for Sale # of units Sold Cost per Unit Cost of Goods Sold # of units in Ending Inventory Cost per unit Ending Inventory 46 $ 1,748 Beginning Inventory Purchases: Apr 07 126 5,040 Jul 16 196 8,428 Oct 06 106 4,664 19,880 Total 474 $ Sales revenue Gross profitStep by Step Solution
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