During the year, TRC Corporation has the following inventory transactions. Number of Unit Date Transaction Units...
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During the year, TRC Corporation has the following inventory transactions. Number of Unit Date Transaction Units Cost Total Cont Jan. 1 Beginning inventory 45 $37 $1,665 Apr. 7 Purchase 125 39 4,875 Jul.16 Purchase 195 42 8,190 105 43 Oct. 6 Purchase 4,515 470 $19,245 For the entire year, the company sells 414 units of inventory for $55 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 Ending Inventory Cost Ending Cost per unit # of units Cost of Goods Available for Sale Cost per unit per unit Inventory Beginning Inventory Purchases: Apr 07 Jul 16 Oct 06 Total # of units Cost of Goods Sold #of units Total Sales revenue Gross profit During the year, TRC Corporation has the following inventory transactions. Number of Unit Date Transaction Units Cost Total Cont Jan. 1 Beginning inventory 45 $37 $1,665 Apr. 7 Purchase 125 39 4,875 Jul.16 Purchase 195 42 8,190 105 43 Oct. 6 Purchase 4,515 470 $19,245 For the entire year, the company sells 414 units of inventory for $55 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 Ending Inventory Cost Ending Cost per unit # of units Cost of Goods Available for Sale Cost per unit per unit Inventory Beginning Inventory Purchases: Apr 07 Jul 16 Oct 06 Total # of units Cost of Goods Sold #of units Total Sales revenue Gross profit
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Related Book For
Financial Accounting
ISBN: 978-0078025549
3rd edition
Authors: J. David Spiceland, Wayne Thomas, Don Herrmann
Posted Date:
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