Question

During 2015, TRC Corporation has the following inventory transactions


For the entire year, the company sells 501 units of inventory for $58 each

Required:
1. Using FIFO, calculate
(a) Ending inventory,
(b) Cost of goods sold,
(c) Sales revenue,
(d) Gross profit.
2. Using LIFO, calculate
(a) Ending inventory,
(b) Cost of goods sold,
(c) Sales revenue,
(d) Gross profit.
3. Using weighted-average cost, calculate
(a) Ending inventory,
(b) Cost of goods sold,
(c) Sales revenue,
(d) Gross profit.
4. Determine which method will result in higher profitability when inventory costs arerising.


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  • CreatedJuly 15, 2014
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