k ces During the year, TRC Corporation has the following inventory transactions. Number of Unit Cost...
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k ces During the year, TRC Corporation has the following inventory transactions. Number of Unit Cost Date January 1 April 7 July 16 October 6 Transaction Beginning inventory Purchase Purchase Purchase Units 59 139 209 119 526 $51 53 56 57 Total Cost $3,009 7,367 11,704 6,783 $28,863 For the entire year, the company sells 445 units of inventory for $69 each. Required: 1-a & b. Using FIFO, calculate ending inventory and cost of goods sold. 1-c & d. Using FIFO, calculate sales revenue and gross profit. 2-a & b. Using LIFO, calculate ending inventory and cost of goods sold. 2-c & d. Using LIFO, calculate sales revenue and gross profit. 3-a & b. Using weighted-average cost, calculate ending inventory and cost of goods sold. 3-c & d. Using weighted-average cost, calculate sales revenue and gross profit. 4. Determine which method will result in higher profitability when inventory costs are rising. k ces During the year, TRC Corporation has the following inventory transactions. Number of Unit Cost Date January 1 April 7 July 16 October 6 Transaction Beginning inventory Purchase Purchase Purchase Units 59 139 209 119 526 $51 53 56 57 Total Cost $3,009 7,367 11,704 6,783 $28,863 For the entire year, the company sells 445 units of inventory for $69 each. Required: 1-a & b. Using FIFO, calculate ending inventory and cost of goods sold. 1-c & d. Using FIFO, calculate sales revenue and gross profit. 2-a & b. Using LIFO, calculate ending inventory and cost of goods sold. 2-c & d. Using LIFO, calculate sales revenue and gross profit. 3-a & b. Using weighted-average cost, calculate ending inventory and cost of goods sold. 3-c & d. Using weighted-average cost, calculate sales revenue and gross profit. 4. Determine which method will result in higher profitability when inventory costs are rising.
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1a FIFO ending inventory Beginning inventory 59 units at 51unit 3009 April purchase 139 units at 53unit 7367 July purchase 209 units at 56unit 11704 O... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
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