Question: I apologize, I only need part 3 for this one. not 2 Required information Exercise 6-4A Calculate inventory amounts when costs are rising (LO6-3) [The

 I apologize, I only need part 3 for this one. not
2 Required information Exercise 6-4A Calculate inventory amounts when costs are rising
I apologize, I only need part 3 for this one. not 2
(LO6-3) [The following information applies to the questions displayed below.) During the

Required information Exercise 6-4A Calculate inventory amounts when costs are rising (LO6-3) [The following information applies to the questions displayed below.) During the year, TRC Corporation has the following inventory transactions. Unit Cost $ 50 Apr. 7 Date Transaction Jan. 1 Beginning inventory Purchase Jul.16 Purchase Oct. 6 Purchase Number of Units 58 138 208 118 522 52 Total Cost $ 2,900 7,176 11,440 6,608 $28,124 55 56 For the entire year, the company sells 444 units of inventory for $68 each. Exercise 6-4A Part 2 2. Using LIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. Required information 2. Using LIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. Ending Inventory Cost of Goods Sold Cost of Cost per # of units Goods unit Sold Cost per # of units Cost Ending per unit Inventory LIFO Cost of Goods Available for Sale Cost of # of units Goods unit Available for Sale Beginning Inventory Purchases: Apr 07 Jul 16 Oct 06 Total Sales revenue Gross profit 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 58 $ 2.900 Beginning Inventory Purchases Apr 07 Jul 16 Oct 08 Total 138 208 118 522 7,176 11,440 5,608 28,124 $ Sales revenue Gross profit

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!