Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. required information exercise 6-4a calculate inven

Required information Exercise 6-4A Calculate inventory amounts when costs are rising (LO6-3) [The following information...

70.2K

Verified Solution

Question

Accounting

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. Number of Unit Date Jan. 1 Transaction Units Cost Total Cost Beginning inventory 60 $ 52 $ 3,120 Apr. 7 Purchase 140 54 7,560 Jul.16 Purchase 210 57 11,970 Oct. 6 Purchase 120 58 6,960 530 $29,610 For the entire year, the company sells 450 units of inventory for $70 each. Exercise 6-4A Part 2 2. Using LIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. 2. Using LIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. LIFO Ending Inventory Cost of Goods Available for Sale Cost of Goods Sold Cost of # of units Cost per unit Goods Available Cost per # of units Cost of Goods # of units unit Sold for Sale $ 0 Beginning Inventory 60 Purchases: Apr 07 140 Jul 16 210 Oct 06 120 Total 530 Sales revenue Gross profit EA 0 0 210 0 120 0 Ending Cost per unit Inventory

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