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During the year, TRC Corporation has the following inventory transactions. Date Transaction Number of Units Unit Cost Total Cost January 1 Beginning inventory 44 $36
During the year, TRC Corporation has the following inventory transactions. Date Transaction Number of Units Unit Cost Total Cost January 1 Beginning inventory 44 $36 $1,584 April 7 Purchase 124 38 4,712 July 16 Purchase 194 41 7,954 October 6 Purchase 104 42 4,368 466 $18,618 For the entire year, the company sells 413 units of inventory for $54 each. Required: 1-a & b. Using FIFO, calculate ending inventory and cost of goods sold. 1-c & d. Using FIFO, calculate sales revenue and gross profit. 2-a & b. Using LIFO, calculate ending inventory and cost of goods sold. 2-c & d. Using LIFO, calculate sales revenue and gross profit. 3-a & b. Using weighted-average cost, calculate ending inventory and cost of goods sold. 3-c & d. Using weighted-average c
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