During the year, TRC Corporation has the following inventory transactions. Date Transaction Number of Units Unit Cost Total Cost Jan. 1 Beginning inventory 55 $ 47 $ 2,585 Apr. 7 Purchase 135 49 6,615 Jul. 16 Purchase 205 52 10,660 Oct. 6 Purchase 115 53 6,095 510 $ 25,955 For the entire year, the company sells 441 units of inventory for $65 each. 2. Using LIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit.

Respuesta :

Answer:

Explanation:

Date        T /Number      Units       Cost       Total cost

Jan 1                                   55           47            2585

Apr. 7                                 135          49             6615

Jul. 16                                205         52            10660

Oct. 6                                  115         53             6095

Total                                    510                         25955

Using LIFO

a)Ending Inventory=

(55*47)+(10*49)=2585+490=$3075

b)The cost of 441 units annual sales=

115 * 53 = 6095

201 *52= 10660

125*49= 6125

= $22880

c)Sales revenue= 441*65= $28665

d)Gross profit = $28,665 - $22,880 = $5785