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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 48 $
During the year, TRC Corporation has the following inventory transactions.
Date | Transaction | Number of Units | Unit Cost | Total Cost | |||||||||
Jan. | 1 | Beginning inventory | 48 | $ | 40 | $ | 1,920 | ||||||
Apr. | 7 | Purchase | 128 | 42 | 5,376 | ||||||||
Jul. | 16 | Purchase | 198 | 45 | 8,910 | ||||||||
Oct. | 6 | Purchase | 108 | 46 | 4,968 | ||||||||
482 | $ | 21,174 | |||||||||||
For the entire year, the company sells 427 units of inventory for $58 each.
1. I need help finding FIFO, ending inventory, cost of goods sold, and gross profit
2. I need help calculating LIFO, ending inventory, cost of goods sold, and gross profit
3. I need help calculating weighted average, ending inventory, cost of goods sold, and gross profit
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