ACCT212 Week 5 Homework
February 05, 2021
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ACCT212 Week 5 Homework
1) During the year, TRC Corporation has the following inventory transactions.
Date
|
Transaction
|
Number of Units
|
Unit Cost
|
Total Cost
|
Jan.
|
1
|
Beginning inventory
|
|
60
|
|
$
|
52
|
|
|
$
|
3,120
|
|
|
Apr.
|
7
|
Purchase
|
|
140
|
|
|
54
|
|
|
|
7,560
|
|
|
Jul.
|
16
|
Purchase
|
|
210
|
|
|
57
|
|
|
|
11,970
|
|
|
Oct.
|
6
|
Purchase
|
|
120
|
|
|
58
|
|
|
|
6,960
|
|
|
|
|
|
|
530
|
|
|
|
|
|
$
|
29,610
|
|
|
|
For the entire year, the company sells 450 units of inventory for $70 each.
Using FIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit.
2)During the year, TRC Corporation has the following inventory transactions.
Date
|
Transaction
|
Number of Units
|
Unit Cost
|
Total Cost
|
Jan.
|
1
|
Beginning inventory
|
|
60
|
|
$
|
52
|
|
|
$
|
3,120
|
|
|
Apr.
|
7
|
Purchase
|
|
140
|
|
|
54
|
|
|
|
7,560
|
|
|
Jul.
|
16
|
Purchase
|
|
210
|
|
|
57
|
|
|
|
11,970
|
|
|
Oct.
|
6
|
Purchase
|
|
120
|
|
|
58
|
|
|
|
6,960
|
|
|
|
|
|
|
530
|
|
|
|
|
|
$
|
29,610
|
|
|
|
For the entire year, the company sells 450 units of inventory for $70 each.
2. Using LIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit.
