The following information applies to the questions displayed below. During the y

Question

The following information applies to the questions displayed below. During the year, TRC Corporation has the following inventory transactions. NumberUnit Date Jan. 1 Beginning Inventory Apr.7 Purchase Jul. 16Purchase Oct. 6Purchase Transaction of UnitsCostTotal Cost $34 36 39 40 42 122 192 102 1,428 4,392 7.488 4,080 458 $17,388 For the entire year, the company sells 411 units of inventory for $52 each. 25 Using LIFO, calculate ending inventory, cost of goods sold, sales revenue and gross proft LIFO Cost of Goods Available for Sale Cost of Goods Sold Ending In Cost of Average Goods Average Cost of Avera

Explanation / Answer

STATEMENT SHOWING INVENTORY RECORD UNDER PERIODIC LIFO METHOD RECIEPTS COST OF GOODS SOLD BALANCE DATE UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ 1-Jan 42 34 1428 42 34 1428 Purchasse 7-Apr 122 36 4392 117 36 4212 5 36 180 16-Jul 192 39 7488 192 39 7488 6-Oct 102 40 4080 102 40 4080 TOTAL 458 17388 411 15780 47 1608 Sales (411 units @$52) 21372 Less: COGS: 15780 Gross Profit 5592 Sales revenue 21372 Gross Profit 5592 STATEMENT SHOWING INVENTORY RECORD UNDER PERIODIC WEIGHTED AVERAGE METHOD RECIEPTS COST OF GOODS SOLD BALANCE DATE UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ 1-Jan 42 34 1428 Purchasse 7-Apr 122 36 4392 16-Jul 192 39 7488 6-Oct 102 40 4080 TOTAL 458 37.97 17388 411 37.97 15606 47 37.97 1782 Sales (411 units @$52) 21372 Less: COGS: 15606 Gross Profit 5766 Sales revenue 21372 Gross Profit 5766

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