[The following information applies to the questions displayed below.]
During 2015, TRC Corporation has the following inventory transactions.
|
Date
|
Transaction
|
Number
of Units
|
Unit
Cost
|
Total Cost
|
|
Jan. 1
|
Beginning inventory
|
40
|
$ 32
|
$
|
1,280
|
|
Apr. 7
|
Purchase
|
120
|
34
|
|
4,080
|
|
Jul. 16
|
Purchase
|
190
|
37
|
|
7,030
|
|
Oct. 6
|
Purchase
|
100
|
38
|
|
3,800
|
| |
|
|
|
|
|
| |
|
450
|
|
$
|
16,190
|
|
|
|
|
|
|
|
|
|
For the entire year, the company sells 400 units of inventory for $50 each.
Required:
1. Using FIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit.
2. Using LIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit.
3. Using weighted-average cost, calculate ending inventory, cost of goods sold, sales revenue, and gross profit.