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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. Date Jan. 1 Apr.
Required information [The following information applies to the questions displayed below.) During the year. TRC Corporation has the following inventory transactions. Date Jan. 1 Apr. 7 Jul.16 Oct. 6 Transaction Beginning inventory Purchase Purchase Purchase Number of Units 49 129 199 109 486 Unit Cost $ 41 43 46 47 Total Cost $ 2,009 5,547 9,154 5,123 $21,833 For the entire year, the company sells 428 units of inventory for $59 each. 2. Using LIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit: LIFO Cost of Goods Sold Ending Inventory Cost of Goods Available for Sale Cost of #of Cost per Goods units unit Available for Sale Cost # of units Cost of Goods Sold #of units per unit Cost Ending per unit Inventory Beginning Inventory Purchases: Apr 07 Jul 16 Oct 06 Total Sales revenue Gross profit
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