Answered step by step
Verified Expert Solution
Question
1 Approved Answer
During the year, TRC Corporation has the following inventory transactions. Date Transaction Number of Units Unit Cost Total Cost Jan. 1 Beginning inventory 60 $
During the year, TRC Corporation has the following inventory transactions.
Date | Transaction | Number of Units | Unit Cost | Total Cost | |||||||||
Jan. | 1 | Beginning inventory | 60 | $ | 52 | $ | 3,120 | ||||||
Apr. | 7 | Purchase | 140 | 54 | 7,560 | ||||||||
Jul. | 16 | Purchase | 210 | 57 | 11,970 | ||||||||
Oct. | 6 | Purchase | 120 | 58 | 6,960 | ||||||||
530 | $ | 29,610 | |||||||||||
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.
Sales revenue | |
Gross profit |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started