ZuoTi.Pro
Question

2. Using LIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. LIFO...


 During the year, TRC Corporation has the following inventory transactions.

image.png

 For the entire year, the company sells 400 units of inventory for $50 each.

 Required:

 1. Using FIFO, 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.

 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.)

 

Required: 1. Using FIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. FIFO Cost of Goods

2. Using LIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. LIFO Cost of Goods Available3. Using weighted average cost, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. (Round Aver

business   accounting   
2 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

✔ Recommended Answer
Answer #1

7 1
Add a comment
Know the answer?
Add Answer to:
2. Using LIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. LIFO...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Similar Homework Help Questions

  • E6A-26 Comparing ending merchandise inventory, cost of goods sold, and gross profit using the periodic inventory...

    E6A-26 Comparing ending merchandise inventory, cost of goods sold, and gross profit using the periodic inventory system-FIFO, LIFO, and weighted-average methods Assume that Jump Coffee Shop completed the following periodic inventory trans actions for a line of merchandise inventory: g Objective 7 Appendix 6A 2. COGS $513 53A G03 Jun. 1 Beginning merchandise inventory 17 units @ $ 15 each 12 Purchase 5 units @$19 each 20 Sale TO 14 units @$37 each 24 Purchase 11 units @ $ 23...

  • 1. Using FIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit.

    1. Using FIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit.

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

    During the year, TRC Corporation has the following inventory transactions. Date Transaction Number of Units Unit Cost Total Cost Jan. 1 Beginning inventory 59 $ 51 $ 3,009 Apr. 7 Purchase 139 53 7,367 Jul. 16 Purchase 209 56 11,704 Oct. 6 Purchase 119 57 6,783 526 $ 28,863 For the entire year, the company sells 445 units of inventory for $69 each. Using FIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. Using LIFO, calculate...

  • E6A-26 Comparing ending merchandise inventory, cost of goods sold, and gross profit using the periodic inventory...

    E6A-26 Comparing ending merchandise inventory, cost of goods sold, and gross profit using the periodic inventory system-FIFO, Lino weighted average methods Assume that Jump Coffee Shop completed the following periodic inventory transac for a line of merchandise inventory: Jun. 1 Beginning merchandise inventory 17 units @ $ 15 each 12 Purchase 5 units @ $ 19 each 20 Sale 14 units @ $ 37 each 24 Purchase 11 units @ $ 23 each 513 29 Sale 13 units @ $...

  • Required information Problem 6-2A Calculate ending inventory, cost of goods sold, sales revenue, and gross profit...

    Required information Problem 6-2A Calculate ending inventory, cost of goods sold, sales revenue, and gross profit for four inventory methods (L06-3, 6-4,6-5) [The following information applies to the questions displayed below.) Greg's Bicycle Shop has the following transactions related to its top-selling Mongoose mountain bike for the month of March. Greg's Bicycle Shop uses a periodic inventory system. Units Unit Cost $ 245 Total Cost $ 4,900 20 15 10 265 Date March 1 March 5 March 9 March 17...

  • pt1 pt2 pt.3 Exercise 6-4A Part 1 Required: 1. Using FIFO, calculate ending inventory, cost of...

    pt1 pt2 pt.3 Exercise 6-4A Part 1 Required: 1. Using FIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. FIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory # of units Cost per Cost of Goods Available for Sale Cost per unit # of units Cost of Goods Sold unit # of units Cost Ending per unit Inventory Beginning Inventory Purchases: Apr. 7 Jul. 16 Oct.6 Total ES Sales revenue Gross profit...

  • Calculating Cost of Goods Available for Sale, Ending Inventory, Sales, Cost of Goods Sold, and Gross...

    Calculating Cost of Goods Available for Sale, Ending Inventory, Sales, Cost of Goods Sold, and Gross Profit under Periodic FIFO, LIFO, and Weighted Average Cost   FIFO (PERIODIC) Unit Selling Price July 1 July 13 July 25 July 31 Beginning Inventory Purchase Sold Ending Inventory Units Unit Cost 40 $10 200 (100) 140 $14 Units Cost per Unit Total Beginning Inventory Purchases July 13 Goods Available for Sale Cost of Goods Sold Units from Beginning Inventory Units from July 13 Purchase...

  • ning Objective 7 Appendix 6A E 6A-26 Comparing ending merchandise inventory, cost of goods sold, and gross profit u...

    ning Objective 7 Appendix 6A E 6A-26 Comparing ending merchandise inventory, cost of goods sold, and gross profit using the periodic inventory system FIFO, LIFO, and weighted average methods Assume that Jump Coffee Shop completed the following periodic inventory transactions for a line of merchandise inventory: 2. COGS $513 534 603 Jun. 1 Beginning merchandise inventory 17 units @ $ 15 each 12 Purchase 5 units @ $ 19 each 20 Sale 14 units @ $ 37 each 24 Purchase...

  • Learning Objective 7 Appendix 6A E6A-26 Comparing ending merchandise inventory, cost of goods gross profit using...

    Learning Objective 7 Appendix 6A E6A-26 Comparing ending merchandise inventory, cost of goods gross profit using the periodic inventory system-FIFO, LIFO, and weighted average methods Assume that Jump Coffee Shop completed the following periodic inventory transactions for a line of merchandise inventory: 2. COGS $513 534 603 603 90 Jun. 1 Beginning merchandise inventory 17 units @ $ 15 each 12 Purchase 5 units @ $ 19 each 20 Sale 14 units @ $ 37 each 24 Purchase 11 units...

  • Calculate ending inventory, cost of goods sold, gross profit under each of the following methods. (1)...

     Calculate ending inventory, cost of goods sold, gross profit under each of the following methods. (1) LIFO. (2) FIFO. (3) Average-cost. (Round answers to O decimal place, e.g. 125.) Calculate gross profit rate under each of the following methods. (1) LIFO. (2) FIFO. (3) Average-cost. (Round answers to 1 decimal place, e.g. 51.2%) You have the following information for Nash's Trading Post, LLC for the month ended October 31, 2022. Nash uses a periodic method for inventory. Calculate the weighted-average cost. (Round answer to 3 decimal places, e.g....

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT