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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 Number
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 60 140 210 120 Unit Cost $ 52 54 57 58 Total Cost $ 3,120 7,560 11,970 6,960 $29,610 530 For the entire year, the company sells 450 units of inventory for $70 each 2. Using LIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. LIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory # of units Cost per Cost of Goods Available for Sale Cost per unit # of units unit Cost of Goods Sold # of units Cost Ending per unit Inventory Beginning Inventory Purchases: Apr 07 Jul 16 Oct 06 Total Sales revenue Gross profit
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