Required information [The following information applies to the questions displayed below.] During the year, TRC Corporation has the following inventory transactions. Number Unit Date Transaction Beginning inventory Purchase Purchase Purchase of Units Cost $ 38 Jan. 1 Apг. 7 Jul. 16 Oct. 6 Total Cost $ 1,748 5,040 8,428 4,664 46 126 40 196 43 106 44 474 $19,880 For the entire year, the company sells 425 units of inventory for $56 each. Required: 1. Using FIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. < Prev 8. 9. 10 11 of 16 Next o search 42

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Required information
[The following information applies to the questions displayed below.]
During the year, TRC Corporation has the following inventory transactions.
Number
Unit
Date
Transaction
of Units
Cost
Total Cost
Jan. 1
Beginning inventory
Purchase
46
$38
$ 1,748
Apr. 7
Jul. 16
126
40
5,040
8,428
4,664
Purchase
196
43
Oct. 6
Purchase
106
44
474
$19,880
For the entire year, the company sells 425 units of inventory for $56 each.
Required:
1. Using FIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit.
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Transcribed Image Text:Required information [The following information applies to the questions displayed below.] During the year, TRC Corporation has the following inventory transactions. Number Unit Date Transaction of Units Cost Total Cost Jan. 1 Beginning inventory Purchase 46 $38 $ 1,748 Apr. 7 Jul. 16 126 40 5,040 8,428 4,664 Purchase 196 43 Oct. 6 Purchase 106 44 474 $19,880 For the entire year, the company sells 425 units of inventory for $56 each. Required: 1. Using FIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. < Prev 8 9 10 11 of 16 Next > O search a 42
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
Cost of
Average
# of units Cost per
Average
# of units Cost per
unit
Cost of
Goods
Sold
Average
Cost
per unit
Goods
Ending
Inventory
# of units
Available
unit
for Sale
Beginning Inventory
46
38
24
1,748
46 $
38 $
1,748
Purchases:
Apr. 7
126
40
5,040
126
40
5,040
Jul. 16
196
43
8,428
196 $ 43
8,428
Oct.6
106 $
44
4,664T 105 $
44
4,620
Total
474
24
19,880
Sales revenue
Gross profit
< Prev
8 9 10 11
of 16
Next
.. R
%24
%24
%24
Transcribed Image Text: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 Cost of Average # of units Cost per Average # of units Cost per unit Cost of Goods Sold Average Cost per unit Goods Ending Inventory # of units Available unit for Sale Beginning Inventory 46 38 24 1,748 46 $ 38 $ 1,748 Purchases: Apr. 7 126 40 5,040 126 40 5,040 Jul. 16 196 43 8,428 196 $ 43 8,428 Oct.6 106 $ 44 4,664T 105 $ 44 4,620 Total 474 24 19,880 Sales revenue Gross profit < Prev 8 9 10 11 of 16 Next .. R %24 %24 %24
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