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.
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
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.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F9288abc4-6622-41d0-ba5f-98e8e8d58b64%2Ffd7db2d8-1282-4772-a16e-d550f27f9a34%2F6r25zl7_processed.jpeg&w=3840&q=75)
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.
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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