[The following information applies to the questions displayed below.] During the year, TRC Corporation...
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Accounting
[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 | 60 | $ | 52 | $ | 3,120 | ||||||
| Apr. | 7 | Purchase | 140 | 54 | 7,560 | ||||||||
| Jul. | 16 | Purchase | 210 | 57 | 11,970 | ||||||||
| Oct. | 6 | Purchase | 120 | 58 | 6,960 | ||||||||
| 530 | $ | 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.
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