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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 59 $
During the year, TRC Corporation has the following inventory transactions.
Date | Transaction | Number of Units | Unit Cost | Total Cost | |||||||||
Jan. | 1 | Beginning inventory | 59 | $ | 51 | $ | 3,009 | ||||||
Apr. | 7 | Purchase | 139 | 53 | 7,367 | ||||||||
Jul. | 16 | Purchase | 209 | 56 | 11,704 | ||||||||
Oct. | 6 | Purchase | 119 | 57 | 6,783 | ||||||||
526 | $ | 28,863 | |||||||||||
For the entire year, the company sells 445 units of inventory for $69 each.
Using FIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit.
Using LIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit.
Using weighted-average cost, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. (Round "Average Cost per unit" to 4 decimal places and all other answers to the nearest whole number.)
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