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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. Unit Cost $45 Date Transaction Jan. 1 Beginning inventory Apr. 7 Purchase Jul.16 Purchase. Oct. 6 Purchase Number of Units 53 133 203 113 502 47 50 51 Total Cost $ 2,385 6,251 10,150 5,763 $24,549 For the entire year, the company sells 433 units of inventory for $63 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. Unit Cost $45 Date Transaction Jan. 1 Beginning inventory Apr. 7 Purchase Jul.16 Purchase. Oct. 6 Purchase Number of Units 53 133 203 113 502 47 50 51 Total Cost $ 2,385 6,251 10,150 5,763 $24,549 For the entire year, the company sells 433 units of inventory for $63 each. 2. Using LIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit.

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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 Jan. 1 Beginning inventory Apr. 7 Purchase Jul.16 Purchase. Oct. 6 Purchase Number of Units 53 133 203 113 502 Unit Cost Total Cost $45 47 50 51 $ 2,385 6,251 10,150 5,763 $24,549 For the entire year, the company sells 433 units of inventory for $63 each. 2. Using LIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit.
Transcribed Image Text:Required information [The following information applies to the questions displayed below.] During the year, TRC Corporation has the following inventory transactions. Date Transaction Jan. 1 Beginning inventory Apr. 7 Purchase Jul.16 Purchase. Oct. 6 Purchase Number of Units 53 133 203 113 502 Unit Cost Total Cost $45 47 50 51 $ 2,385 6,251 10,150 5,763 $24,549 For the entire year, the company sells 433 units of inventory for $63 each. 2. Using LIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit.
For the entire year, the company sells 433 units of inventory for $63 each. 2. Using LIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. LIFO Beginning Inventory Purchases: Apr 07 Jul 16 Oct 06 Total Sales revenue Gross profit Cost of Goods Available for Sale Cost of Goods Available for Sale # of units Cost per unit Cost of Goods Sold # of units Cost per unit Cost of Goods Sold Ending Inventory #of units Cost Ending per unit Inventory
Transcribed Image Text:For the entire year, the company sells 433 units of inventory for $63 each. 2. Using LIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. LIFO Beginning Inventory Purchases: Apr 07 Jul 16 Oct 06 Total Sales revenue Gross profit Cost of Goods Available for Sale Cost of Goods Available for Sale # of units Cost per unit Cost of Goods Sold # of units Cost per unit Cost of Goods Sold Ending Inventory #of units Cost Ending per unit Inventory
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