During the year trc corporation has the following inventory transactions

Asked by admin @ 15/10/2021 in Business viewed by 342 People

During the year, TRC Corporation has the following inventory transactions. Date Transaction Number of Units Unit Cost Total Cost Jan. 1 Beginning inventory 53 $ 45 $ 2,385 Apr. 7 Purchase 133 47 6,251 Jul. 16 Purchase 203 50 10,150 Oct. 6 Purchase 113 51 5,763 502 $ 24,549 For the entire year, the company sells 433 units of inventory for $63 each. Required: 1. Using FIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit

Answered by admin @ 15/10/2021

Answer:

Instructions are listed below.

Explanation:

Giving the following information:

Jan. 1: Beginning inventory 53 units at $45

Apr. 7: Purchase 133 units at $47

Jul. 16: Purchase 203 units at $50

Oct. 6: Purchase 113 units at $51

The company sells 433 units of inventory for $63 each.

Under FIFO (first-in, first-out), the ending inventory cost is calculated using the purchasing cost of the last units bought.

First, we need to calculate the ending inventory in units:

Ending inventor in units= total units - units sold

Ending inventory in units= 502 - 433= 69 units

A) Ending inventory= 69*$51= $3,519

B) Cost of goods sold= 53*45 + 133*47 + 203*50 + 44*51= $21,030

C) Sales revenue= 433*63= $27,279

D) Gross profit= sales revenue - cost of goods sold

Gross profit= 27,279 - 21,030= $6,249

Able, baker, and charles are engaged in the marketing to and enrollment of beneficiaries into medicare health plans. mr. able is an independent agent paid directly by a health plan. ms. baker is an independent agent paid through a field marketing organization (fmo). mr. charles is an independent agent paid for his work by a third-party marketing organization (tmo). how do the cms compensation rules apply to these three agents?

Asked by maham237 @ 13/01/2021 in Business viewed by 2742 persons

During the year trc corporation has the following inventory transactions

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