Required Information [The following information applies to the questions displayed below.] During the year, TRC Corporation has the following inventory transactions. Total Cost $ 3,120 Date Transaction Number of Units Unit Cost Jan. 1 Beginning inventory 60 $52 Apr. 7 Purchase 140 54 7,560 Jul.16 Purchase 210 57 11,978 Oct. 6 Purchase 120 58 6,960 538 $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 Cost of # of units Cost per unit Goods # of units Available Cost per unit Cost of Goods Sold # of units Ending Inventory Cost Ending per unit Inventory for Sale Beginning Inventory 60 S 52 $ 3,120 60 S 52 S 3.120 60 S 52 $3,120 Purchases: Apr 07 Jul 16 210 S 140 S 54 57 Oct 06 120 S 58 Total 530 $ 7,560 11,970 6,960 29.610 120 S 54 210 $ 57 6.480 11.970 20 $ 54 1,080 120 $ 58 6,960 450 $ 25,410 80 $ 4,200 Sales revenue Gross profit

Required Information [The following information applies to the questions displayed below.] During the year, TRC Corporation has the following inventory transactions. Total Cost $ 3,120 Date Transaction Number of Units Unit Cost Jan. 1 Beginning inventory 60 $52 Apr. 7 Purchase 140 54 7,560 Jul.16 Purchase 210 57 11,978 Oct. 6 Purchase 120 58 6,960 538 $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 Cost of # of units Cost per unit Goods # of units Available Cost per unit Cost of Goods Sold # of units Ending Inventory Cost Ending per unit Inventory for Sale Beginning Inventory 60 S 52 $ 3,120 60 S 52 S 3.120 60 S 52 $3,120 Purchases: Apr 07 Jul 16 210 S 140 S 54 57 Oct 06 120 S 58 Total 530 $ 7,560 11,970 6,960 29.610 120 S 54 210 $ 57 6.480 11.970 20 $ 54 1,080 120 $ 58 6,960 450 $ 25,410 80 $ 4,200 Sales revenue 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.Total Cost$ 3,120DateTransactionNumber of Units Unit CostJan. 1 Beginning inventoryApr

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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