During the year, TRC Corporation has the following inventory transactions.
For the entire year, the company sells units of inventory for $ each.
Required:
a & b Using FIFO, calculate ending inventory and cost of goods sold.
c & d Using FIFO, calculate sales revenue and gross profit.
a & b Using LIFO, calculate ending inventory and cost of goods sold.
c & d Using LIFO, calculate sales revenue and gross profit.
a & b Using weightedaverage cost, calculate ending inventory and cost of goods sold.
c & d Using weightedaverage cost, calculate sales revenue and gross profit.
Determine which method will result in higher profitability when inventory costs are rising.
Complete this question by entering your answers in the tabs below.
Req a and
Req and
Req a and
Req c and d Req a and b
Req and
Req
Using FIFO, calculate ending inventory and cost of goods sold.
