Required information [The following information applies to the questions displayed below.] During the year, TRC Corporation has the following inventory transactions. DateTransactionNumber of UnitsUnit CostTotal CostJan.1Beginning inventory 52 $44 $2,288 Apr.7Purchase 132 46 6,072 Jul.16Purchase 202 49 9,898 Oct.6Purchase 112 50 5,600 498 $23,858 For the entire year, the company sells 432 units of inventory for $62 each. 2. Using LIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit.

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Description: Required information [The following information applies to the questions displayed below.] During the year, TRC Corporation has the following inventory transactions. DateTransactionNumber of UnitsUnit CostTotal CostJan.1Beginning inventory 52 $44 $2

Last-in-Last-Out (LIFO): In Last-in-First-Out method, the costs of last purchased items are…

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Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter7: Inventories: Cost Measurement And Flow Assumptions

Section: Chapter Questions

Problem 3RE: Reid Company uses the periodic inventory system. On January 1, it had an inventory balance of...

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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	Transaction	Number of Units	Unit Cost	Total Cost
Jan.	1	Beginning inventory		52	$	44	$	2,288
Apr.	7	Purchase		132		46		6,072
Jul.	16	Purchase		202		49		9,898
Oct.	6	Purchase		112		50		5,600
				498			$	23,858

For the entire year, the company sells 432 units of inventory for $62 each.

2. Using LIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit.

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