# Key Assignment

Words: 520

During 2010, TRY Corporation has the following inventory transactions. [acacia] Jan. 1 Par. 7 July. 16 Cot. 6 Transaction Beginning inventory Purchase Number of units 32 128 184 102 446 Unit cost \$31 33 36 Total cost \$ 992 4,224 6,624 4,080 \$ 15,920 For the entire year, the company sells 376 units of inventory for \$53 each and uses a periodic inventory system. Requirement 1: Using FIFO, calculate (a) ending inventory, (b) cost of goods sold, (c) sales revenue, and (d) gross profit. (Omit the “\$” sign in your response. ) 10/4/2010 9:55 PM off Ending inventory Sales revenue

Gross profit Difficulty: Hard Learning Objective: 06-3 Requirement 2: Using LIFO, calculate (a) ending inventory, (b) cost of goods sold, (c) sales Requirement 3: Using average cost, calculate (a) ending inventory, (b) cost of goods sold, (c) sales revenue, and (d) gross profit. (Round the intermediate calculations to 2 decimal places. Round your answers to the nearest dollar amount. Omit the “\$” sign in your response. ) Requirement 4: Which method will result in higher profitability when inventory costs are rising? (Click to select) Assignment Print View 3 of 6

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Littleton Books has the following transactions during May. May 2 Purchases books on account from Readers Wholesale for \$1,600, terms 3/10, n/30. May 3 Pays freight costs of \$280 on books purchased from Readers. May 5 Returns books with a cost of \$300 to Readers because part of the order is incorrect. May 10 Pays the full amount due to Readers. May 30 Sells books purchased on May 2 (less those returned on May 5) for \$2,800 on account. Record the transactions of Littleton Books, assuming the company uses a perpetual inventory system. (Omit the “\$” sign in your response. ) Date May 2 General Journal