During the year, TRC Corporation has the following inventory transactions. Date Transaction Number of Units Unit Cost Total Cost
Jan. 1 Beginning inventory 57 $49 $2,793
pr. 7 Purchase 137 51 6,987
Jul. 16 Purchase 207 54 11,178
Oct. 6 Purchase 117 55 6,435
518 $27,393
For the entire year, the company sells 443 units of inventory for $67 each.
1. Using LIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit.
2. Using weighted-average cost, calculate ending inventory, cost of goods sold, sales revenue, and gross profit.
3. Using FIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit.

Alpine west, inc., operates a downhill ski area near lake tahoe, california. an all-day, adult ticket can be purchased for $55. adult customers also can purchase a season pass that entitles the pass holder to ski any day during the season, which typically runs from december 1 through april 30. the season pass is nontransferable, and the $450 price is nonrefundable. alpine expects its season pass holders to use their passes equally throughout the season. the company’s fiscal year ends on december 31. on november 6, 2009, jake lawson purchased a season ticket. required: 1. when should alpine west recognize revenue from the sale of its season passes? 2. prepare the appropriate journal entries that alpine would record on november 6 and december 31. 3. what will be included in the 2009 income statement and 2009 balance sheet related to the sale of the season pass to jake lawson?