Question: Previous answer was wrong. I corrected what the chegg tutor got and I still got it wrong so this is my other shot. chegg tutors


Required information Exercise 6-4A Calculate inventory amounts when costs are rising (L06-3) (The following information applies to the questions displayed below.) During the year, TRC Corporation has the following inventory transactions. Transaction Jan. 1 Beginning inventory Apr. 7 Purchase Jul.16 Purchase Oct. 6 Purchase Number of Unit Units Cost 49 $ 41 12943 19946 199 100 109 47 486 Total Cost $ 2,009 5,547 9,154 5,123 $21,833 For the entire year, the company sells 428 units of inventory for $59 each. Cost of Units per goods LIFO Units per available Answer: Calculation of Ending Inventory, Cost of Goods sold, Sales revenue and Gross Profit : Cost Good Available of 4 for sale Goods J. Sold Ending Inventory cost Cost of Cost Cost of Cost per Ending Goods Units unit (in available unit unit (in $) Inventory Sold $) for sale (in $) Beginning 1941 $2.009 . - - 49 4 1 $2,009 Inventory Purchases April 07 129 43 $5,547 121 43 $5,203 8 43 $344 July 16 199 $9,154 199 46 $9,154 - Oct 06 109 47 $5,123 109 47 $5,123 . TOTAL 486 $21,833 428 $19,480 57 $2,353 Sales Revenue = Selling Price per unit X No. of units sold = $59 X 428 units = $25,252 Cost of Goods Sold = $19,480 (shown in table) Gross Profit = Sales Revenue - Cost of Goods Sold = $25,252 - $19,480 = $5,772 Required information 2. Using LIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. Answer is complete but not entirely correct. LIFO Cost of Goods Sold Ending Inventory Cost of Goods Available for Sale Cost Cost of # of per Goods units unit Available for Sale 49 $ 41 $ 2,009 # of units Cost per unit Cost of Goods Sold # of units Cost per unit Ending Inventory 49 $ 41 $ 2,009 Beginning Inventory Purchases: Apr 07 Jul 16 Oct 06 Total 129 $ 5,547 9 $ 43 387 199 $ 43 46 47 5,547 9,154 5,123 129 > $ 43 $ 46 109S 47 199 9,154 109 $ 5,123 486 $ 21,833 437 $ 19,824 58 2,354 X Answer is complete but not entirely correct. Sales revenue $ $ Gross profit 25.252 5.426
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