The folowing information applies to the questions displeyed below During the yea
ID: 2544444 • Letter: T
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The folowing information applies to the questions displeyed below During the year, TRC Corporation has the following inventory transactions Unit Number of Units 48 128 198 108 Cost Total Cost Transaction Date Jan. 1 Beginning inventory Apr. 7Purchase Jul. 16 Purchase Oct. 6Purchase $40 $ 1920 5.376 8,910 4,968 42 45 46 482 $ 21,174 For the entire year, the company sells 427 units of inventory for $58 each. 2. Using LIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit Cost of Goods Sold LIFO Cost of Goods Available for Sale Average Cost of Goods Average Goods of units Cost perSold unit Sold Cost of Goods for Sale Average Ending # of units Cost per I# of units cost per! Cost |# of units. Cost unit | Available l per unit Inventory Beginning Inventory Purchases Apr 07 Jul 16 Oct 06 Sales revenue Groas proftExplanation / Answer
LIFO Method Cost of Goods Avilable for Sale Cost of Goods Sold Closing Stock Date Qty. Rate Value Qty. Rate Value Qty. Rate Value Opening Stock 48 $40.00 $1,920.00 Apr-07 128 $42.00 $5,376.00 121 $42.00 $5,082.00 Jul-16 198 $45.00 $8,910.00 198 $45.00 $8,910.00 Oct-06 108 $46.00 $4,968.00 108 $46.00 $4,968.00 482 $21,174.00 427 $18,960.00 55 $40.25 $2,214.00 Sales $24,766 Less: Cost og goods Sold $18,960.00 Gross Profit $5,806.00 Weighted Average method Cost of Goods Avilable for Sale Cost of Goods Sold Closing Stock Date Qty. Rate Value Qty. Rate Value Qty. Rate Value Opening Stock 48 $40.00 $1,920.00 Apr-07 128 $42.00 $5,376.00 Jul-16 198 $45.00 $8,910.00 Oct-06 108 $46.00 $4,968.00 427 $43.93 $18,757.88 482 $43.93 $21,174.00 427 $43.93 $18,757.88 55 $43.93 $2,416.12 Sales $24,766 Less: Cost og goods Sold $18,757.88 Gross Profit $6,008.12
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