Reference no: EM132543307
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.
Question 1: Using LIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit.
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