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

 

DateTransactionNumber of UnitsUnit CostTotal Cost
Jan.1Beginning inventory
43
$35

$1,505

Apr.7Purchase
123

37


4,551

Jul.16Purchase
193

40


7,720

Oct.6Purchase
103

41


4,223





462




$17,999


 

For the entire year, the company sells 412 units of inventory for $53 each.


2. Using LIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit.

 



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