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.
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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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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