During the year, TRC Corporation has the following inventory transactions.Number ofUnitDateTransactionUnitsCostTotal Cost$ 47$ 2,5856,61510,660Jan. 1Beginning inventory55Apr. 7Jul.16Purchase13549Purchase20552Oct. 6Purchase115536,095510$25,955For the entire year, the company sells 441 units of inventory for $65 each. 2. Using LIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit.LIFOCost of Goods Available for SaleCost of Goods SoldEnding InventoryCost ofCost ofCost perunitCost perEndingper unit InventoryGoodsCost# of units# of unitsGoods# of unitsunitAvailableSoldfor SaleBeginning InventoryPurchases:Apr 07Jul 16Oct 06TotalSales revenueGross profit

Name: During the year, TRC Corporation has the following inventory transact
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Description: During the year, TRC Corporation has the following inventory transactions.Number ofUnitDateTransactionUnitsCostTotal Cost$ 47$ 2,5856,61510,660Jan. 1Beginning inventory55Apr. 7Jul.16Purchase13549Purchase20552Oct. 6Purchase115536,095510$25,955For the

Requirement 2 LIFO Cost of Goods available for sale Cost of Goods Sold Ending Inventory…

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Accounting

During the year, TRC Corporation has the following inventory transactions. Number of Unit Date Transaction Units Cost Total Cost $ 47 $ 2,585 6,615 10,660 6,095 Jan. 1 Beginning inventory 55 Apr. 7 Jul.16 Purchase 135 49 Purchase 205 52 Oct. 6 Purchase 115 53 510 $25,955 For the entire year, the company sells 441 units of inventory for $65 each.

During the year, TRC Corporation has the following inventory transactions. Number of Unit Date Transaction Units Cost Total Cost $ 47 $ 2,585 6,615 10,660 6,095 Jan. 1 Beginning inventory 55 Apr. 7 Jul.16 Purchase 135 49 Purchase 205 52 Oct. 6 Purchase 115 53 510 $25,955 For the entire year, the company sells 441 units of inventory for $65 each.

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 63E: ( Appendix 6B) Inventory Costing Methods: Periodic Inventory System The inventory accounting records...

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