! Required information [The following information applies to the questions displayed below.] During the year,...
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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. Unit Cost Date Transaction Jan. 1 Beginning inventory Apr. 7 Purchase Jul.16 Purchase Oct. 6 Purchase Number of Units 60 140 210 120 $ 52 54 57 58 Total Cost $ 3,120 7,560 11,970 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. LIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost of Goods Available for Sale Cost per # of units Cost per unit # of units unit Cost of Goods Sold # of units Cost Ending per unit Inventory Beginning Inventory Purchases: Apr 07 Jul 16 Oct 06 Total Sales revenue Gross profit
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