Assignment Instructions

This is an individual assignment.

During the year, TRC Corporation has the following inventory transactions.

$\backslash$table$[[$Date$,$Transaction,$\backslash$table$[[$Number$],[$of Units$]],\backslash$table$[[$Unit$],[$Cost$]],$Total cost$],[$Jan$.1,$Beginning inventory,$41,$$$33,$$ $1,353],[$Apr$.7,$Purchase,$121,35,4,235],[$Jul$.16,$Purchase,$191,38,7,258],[$Oct$.6,$Purchase,$101,39,3,939],[,$Total,$454,,16,785]]$

For the entire year, the company sells $410$ units of inventory for $$51$ each.

Required:

Using FIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit.

Using LIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit.

Using weighted$-$average cost, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. $($Round "Weighted$-$Average Cost per unit" to $4$ decimal places$)$

Determine which method will result in higher profitability when inventory costs are rising.

Submitting this assignment: