During the year, TRC Corporation has the following inventory transactions. Date Transaction Number of Units...
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During the year, TRC Corporation has the following inventory transactions. Date Transaction Number of Units Unit Cost Total Cost January 1 Beginning inventory 52 $44 $2,288 April 7 Purchase 132 46 6,072 July 16 Purchase 202 49 9,898 October 6 Purchase 112 50 5,600 498 $23,858 For the entire year, the company sells 432 units of inventory for $62 each. Required: 1-a & b. Using FIFO, calculate ending inventory and cost of goods sold. 1-c & d. Using FIFO, calculate sales revenue and gross profit. 2-a & b. Using LIFO, calculate ending inventory and cost of goods sold. 2-c & d. Using LIFO, calculate sales revenue and gross profit. 3-a & b. Using weighted-average cost, calculate ending inventory and cost of goods sold. 3-c & d. Using weighted-average cost, calculate sales revenue and gross profit. 4. Determine which method will result in higher profitability when inventory costs are rising
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