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During the year, TRC Corporation has the following inventory transactions Date Transaction Number of Units Unit Cost Total Cost Jan. 1 Beginning inventory $2,100 50
During the year, TRC Corporation has the following inventory transactions Date Transaction Number of Units Unit Cost Total Cost Jan. 1 Beginning inventory $2,100 50 S42 Apr 7 Purchase 130 44 5,720 Jul. 16Purchase 200 47 9,400 Oct. 6 Purchase 110 48 5,280 490 $22,500 For the entire year, the company sells 440 units of inventory for S60 each. Reguired 1. Using FIFO, calculate (a) ending inventory, (b) cost of goods sold, (c) sales revenue, and (d) gross profit 2. Using LIFO, calculate (a) ending inventory, (b) cost of goods sold, (c) sales revenue, and (d) gross profit
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