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[The following information applies to the questions displayed below.] During the year, TRC Corporation...

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Accounting

[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 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.

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