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Required information [The following information applies to the questions displayed below.] During the year, TRC Corporation has the following inventory transactions. Number of Unit
Required information [The following information applies to the questions displayed below.] During the year, TRC Corporation has the following inventory transactions. Number of Unit Date Transaction Units Cost Total Cost Jan. 1 Beginning inventory 411 $ 33 $ 1,353 Apr. 7 Purchase 121 35 4,235 Jul.16 Purchase 191 38 7,258 Oct. 6 Purchase 101 39 3,939 454 $16,785 For the entire year, the company sells 410 units of inventory for $51 each. 2. Using LIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. Ces LIFO Ending Inventory Cost of Goods Available for Sale Cost of Goods Sold # of units Cost per unit Cost of Goods Available for Sale # of units Cost per unit Cost of Goods Sold # of units Beginning Inventory 41 $ 0 Purchases: Apr 07 121 0 Jul 16 191 0 Oct 06 101 0 Total 454 $ 0 Cost Ending per unit Inventory
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