During the year, TRC Corporation has the following inventory transactions. Unit Date Jan. 1 Beginning inventory...
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During the year, TRC Corporation has the following inventory transactions. Unit Date Jan. 1 Beginning inventory Apr. 7 Jul.16 Oct. 6 Purchase Transaction Number of Units Cost Total Cost $ 2,90e 7,176 11,440 58 $ se Purchase 138 208 52 Purchase 55 118 56 6,608 $28,124 522 For the entire year, the company sells 444 units of inventory for $68 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 of Cost per Goods Cost per Cost of Ending per unit Inventory # of units # of units Cost Goods Sold # of units unit Available unit for Sale Beginning Inventory Purchases: Apr. 7 Jul. 16 Oct.6 Total During the year, TRC Corporation has the following inventory transactions. Unit Date Jan. 1 Beginning inventory Apr. 7 Jul.16 Oct. 6 Purchase Transaction Number of Units Cost Total Cost $ 2,90e 7,176 11,440 58 $ se Purchase 138 208 52 Purchase 55 118 56 6,608 $28,124 522 For the entire year, the company sells 444 units of inventory for $68 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 of Cost per Goods Cost per Cost of Ending per unit Inventory # of units # of units Cost Goods Sold # of units unit Available unit for Sale Beginning Inventory Purchases: Apr. 7 Jul. 16 Oct.6 Total
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1 FIFO Cost of goods available for sale Cost of goods sold Ending inventory of units Cost ... View the full answer
Related Book For
Financial Accounting
ISBN: 978-0077862268
2nd edition
Authors: J. David Spiceland, Wayne Thomas, Don Herrmann
Posted Date:
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