Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. during the year, trc corporation has the following

During the year, TRC Corporation has the following inventory transactions. Date Transaction Number of...

70.2K

Verified Solution

Question

Accounting

During the year, TRC Corporation has the following inventory transactions.
Date Transaction Number of Units Unit Cost Total Cost
January 1 Beginning inventory 41 $33 $1,353
April 7 Purchase 121354,235
July 16 Purchase 191387,258
October 6 Purchase 101393,939
454 $16,785
For the entire year, the company sells 410 units of inventory for $51 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.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students