Question
The following information applies to the questions displayed below.] During the year, TRC Corporation has the following inventory transactions. Date Transaction Number of Units Unit
The following information applies to the questions displayed below.]
During the year, TRC Corporation has the following inventory transactions.
| Date | Transaction | Number of Units | Unit Cost | Total Cost | |||||||||
| Jan. | 1 | Beginning inventory | 40 | $ | 32 | $ | 1,280 | ||||||
| Apr. | 7 | Purchase | 120 | 34 | 4,080 | ||||||||
| Jul. | 16 | Purchase | 190 | 37 | 7,030 | ||||||||
| Oct. | 6 | Purchase | 100 | 38 | 3,800 | ||||||||
| 450 | $ | 16,190 | |||||||||||
For the entire year, the company sells 400 units of inventory for $50 each.
2. Using LIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit.
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Cost Accounting A Managerial Emphasis
Authors: Charles T. Horngren, Srikant M.Dater, George Foster, Madhav
13th Edition
8120335643, 136126634, 978-0136126638
