Business, 06.04.2021 03:30 fordkenae

During 2018, TRC Corporation has the following inventory transactions. Date Transaction Number of Units Unit Cost Total Cost
Jan. 1 Beginning inventory 48 $40 $1,920
Apr. 7 Purchase 128 42 5,376
Jul. 16 Purchase 198 45 8,910
Oct. 6 Purchase 108 46 4,968
For the entire year, the company sells 427 units of inventory for $58 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.

Answers: 2

Show answers

Another question on Business

Business, 21.06.2019 21:00

You have just been hired as a financial analyst for barrington industries. unfortunately, company headquarters (where all of the firm's records are kept) has been destroyed by fire. so, your first job will be to recreate the firm's cash flow statement for the year just ended. the firm had $100,000 in the bank at the end of the prior year, and its working capital accounts except cash remained constant during the year. it earned $5 million in net income during the year but paid $800,000 in dividends to common shareholders. throughout the year, the firm purchased $5.5 million of machinery that was needed for a new project. you have just spoken to the firm's accountants and learned that annual depreciation expense for the year is $450,000; however, the purchase price for the machinery represents additions to property, plant, and equipment before depreciation. finally, you have determined that the only financing done by the firm was to issue long-term debt of $1 million at a 6% interest rate. what was the firm's end- of-year cash balance? recreate the firm's cash flow statement to arrive at your answer

Answers: 1

Answer

Business, 21.06.2019 21:50

Franklin painting company is considering whether to purchase a new spray paint machine that costs $4,800. the machine is expected to save labor, increasing net income by $720 per year. the effective life of the machine is 15 years according to the manufacturer’s estimate. required determine the unadjusted rate of return based on the average cost of the investment.

Answers: 2

Answer

Business, 22.06.2019 09:40

Salt corporation's contribution margin ratio is 78% and its fixed monthly expenses are $30,000. assume that the company's sales for may are expected to be $89,000. required: estimate the company's net operating income for may, assuming that the fixed monthly expenses do not change.

Answers: 1

Answer

Business, 22.06.2019 10:00

Your father offers you a choice of $120,000 in 11 years or $48,500 today. use appendix b as an approximate answer, but calculate your final answer using the formula and financial calculator methods. a-1. if money is discounted at 11 percent, what is the present value of the $120,000?

Answers: 3

Answer

You know the right answer?

During 2018, TRC Corporation has the following inventory transactions. Date Transaction Number of U...

Questions