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During the year, TRC Corporation has the following inventory transactions. Date Transaction Jan. 1 Beginning inventory Apr. 7 Purchase Jul. 16 Purchase Oct. 6 Purchase
During the year, TRC Corporation has the following inventory transactions. Date Transaction Jan. 1 Beginning inventory Apr. 7 Purchase Jul. 16 Purchase Oct. 6 Purchase Number of Units 57 137 207 117 Unit Cost $ 49 51 54 55 Total Cost $ 2,793 6,987 11,178 6,435 $27,393 518 For the entire year, the company sells 443 units of inventory for $67 each. 2. Using LIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. LIFO Cost of Goods Sold Ending Inventory # of units Cost per Cost of Goods Available for Sale Cost of Goods unit Available for Sale $ 0 # of units Cost per unit Cost of Goods Sold # of units Cost Ending per unit Inventory 0 Beginning Inventory Purchases: Apr 07 Jul 16 Oct 06 Total 0 0 0 $ 0 Sales revenue Gross profit
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