# During the year trc corporation has the following inventory transactions

Question 1

During The Year, TRC Corporation Has The Following Inventory Transactions. Unit Number Of Units Total Cost \$47 \$ 2,585

Question 2

During the year, TRC Corporation has the following inventory transactions:

For the entire year, the company sells 411 units of inventory for \$52 each.

Calculate ending inventory, cost of goods sold, sales revenue, and gross profit according to:

1. FIFO method

2. LIFO method

3. Weighted Average method

1. FIFO method:

Calculating cost of goods sold, ending inventory, and gross profit using the FIFO method:

Calculating Gross margin using FIFO method:

Calculating ending inventory Under the FIFO method:

Therefore, the cost of good sold, gross margin, and ending inventory is calculated at \$15,508, \$5,864, and \$1,880 respectively.

2. LIFO method:

Calculating the cost of goods sold using the LIFO method:

Calculating the Gross margin using the LIFO method:

Calculating ending inventory using the LIFO method:

Therefore, the cost of goods sold, gross margin, and ending inventory are calculated at \$15,780, \$5,592, and \$1,880 respectively.

3. Weighted Average Method:

Calculating the cost of goods sold using the weighted average method:

Calculating weighted average rate :

Weighted average=Cost of goods available for saleTotal number of units=\$17,388458=\$37.9 per unitWeighted average=Cost of goods available for saleTotal number of units=\$17,388458=\$37.9 per unit

Calculating the Gross margin using the weighted average method:

Calculating ending inventory using the Weighted average method:

Therefore, the cost of goods sold, gross margin, and the ending inventory is calculated at \$15,576.90, \$5,795.10, and \$1,781.30 respectively as per the weighted average method.

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