Cost of goods sold, sale revenue and gross profit

Assignment Help Financial Accounting

Reference no: EM133492552

Required information

The following information applies to the question displayed below

During the year, TRC Corporation has the following inventory transactions.

Date Transaction Number of units units cost total cost

Jan 1 begininning inventory 60 52 3120

Apr 7 purchase 140 54 7560

Jul 16 purchase 210 57 11970

Oct 6 purchase 120 58 6960

530 29610

For the entire year, the company sells 450 units of inventory for $70 each.

Required

Question: Using LIFO, calculate ending inventory, cost of goods sold, sale revenue and gross profit.

Reference no: EM133492552

Questions Cloud

Discuss the relevant journal entries for the adjustment : tell Jane how you will address the discrepancy between the stock cards records and the stocktake. Discuss the relevant journal entries for the adjustment

What time and day of the week was this show offered : What time and day of the week was this show offered? - What network or service was this show on? - How many episodes of this show were there, over what period

How would you respond to situation : an American call on the Euro with K=1.20$/€, 3 months till expiration is selling in the market for C=0.04$/€. How would you respond to this situation

What is your prediction of international trade environment : What is your prediction of the international trade environment in the next 10 years? Will it be freer or more protected?

Cost of goods sold, sale revenue and gross profit : Using LIFO, calculate ending inventory, cost of goods sold, sale revenue and gross profit - For the entire year, the company sells 450 units of inventory

What do you believe is the dominant diversity issue for : What do you believe is the dominant diversity issue for educators? For students? How can you, as an educational leader, assist your faculty in effectively

What is the identifying source with target : What is the identifying source with Target of the foreign exchange risk that is being hedged, including and identification of the foreign currency

What amount is included in bs employment income : annuallyB will drive the car 2.000 km per month of which 600 km will be for employment purposes What amount is included in B's employment income for tax purpose

What are the various stakeholders interests : What are the various stakeholders' interests? Would they support or oppose a requirement that Uber extend its insurance to cover the app- on gap?

User Account

All Pages