Question

14 Required information The following information applies to the questions displayed below.) During the year, TRC Corporation has the following inventory transactions 3:25 Date Transaction Jan. 1 Beginning inventory Apr. 7 Purchase Jul. 16 Purchase Oct. 6 Purchase Number of Units Unit Cost 43 $ 35 123 37 193 40 103 41 462 Total Cost $ 1,505 4,551 7,720 4,223 $17,999 For the entire year, the company sells 412 units of inventory for $53 each Donna

please help!! due by lunch central time zone

Answer 1

FIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost of # of Units Goods # of Units Cost per Unit Available # of Units Cost per Unit Cost of Goods Sold in ending Cost per Unit Ending Inventory Inventory for Sale 43 $35.00 $1,505.00 43 $35.00 $1,505.00 Beginning Inventory Purchases: Apr-07 Jul-16 Oct-06 Total 123 193 103 462 $37.00 $40.00 $41.00 $4,551.00 $7,720.00 $4,223.00 $17,999.00 123 193 53 $37.00 $40.00 $41.00 $4,551.00 $7,720.00 $2,173.00 $15,949.00 50 $41.00 $2,050.00 $2,050.00 412 50 Sales Revenue Gross Profit $21,836 $5,887 LIFO Cost of Goods Sold Ending Inventory Cost of Goods Available for Sale Cost of # of Units Cost per Unit Goods Available for Sale 43 $35.00 $1,505.00 # of Units # of Units Cost per Unit Cost of Goods Sold in ending Cost per Unit Ending Inventory Inventory 43 $35.00 $1,505.00 7 $37.00 $259.00 Beginning Inventory Purchases: Apr-07 Jul-16 Oct-06 Total 123 193 103 462 $37.00 $40.00 $41.00 $4,551.00 $7,720.00 $4,223.00 $17,999.00 116 193 103 412 $37.00 $40.00 $41.00 $4,292.00 $7,720.00 $4,223.00 $16,235.00 50 $1,764.00 Sales Revenue Gross Profit $21,836 $5,601 Cost of Goods Sold Ending Inventory Weighted Average Cost Cost of Goods Available for Sale Cost of Goods # of Units Cost per Unit Available for Sale 43 $1, # of Units # of Units Cost per Unit Cost of Goods Sold in ending Cost per Unit Ending Inventory Inventory Beginning Inventory Purchases: Apr-07 Jul-16 Oct-06 Total 123 193 103 462 $37.00 $40.00 $41.00 $4,551.00 $7,720.00 $4,223.00 $17,999.00 412 $38.96 $16,051.06 50 $38.96 $1,947.94 Sales Revenue Gross Profit $21,836 $5,784.94

I hope this clear your doubt.

Feel free to comment if you still have any query or need something else. I'll help asap.

Do give a thumbs up if you find this helpful.