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

Date	Transaction	Number of Units	Unit Cost	Total Cost
January 1	Beginning inventory	46	$38	$1,748
April 7	Purchase	126	40	5,040
July 16	Purchase	196	43	8,428
October 6	Purchase	106	44	4,664
		474		$19,880

For the entire year, the company sells 425 units of inventory for $56 each.

Required: 1-a & b. Using FIFO, calculate ending inventory and cost of goods sold. 1-c & d. Using FIFO, calculate sales revenue and gross profit.

Using FIFO, calculate ending inventory and cost of goods sold.

FIFO	Cost of Goods Available for Sale			Cost of Goods Sold			Ending Inventory
	Number of units	Cost per unit	Cost of Goods Available for Sale	Number of units	Cost per unit	Cost of Goods Sold	Number of units	Cost per unit	Ending Inventory
Beginning Inventory	46	$38	$1,748		$38	$0
Purchases:
April 07	126	$40	5,040		$40	0
July 16	196	$43	8,428		$43	0
October 06	106	$44	4,664		$44	0
Total	474		$19,880

Using FIFO, calculate sales revenue and gross profit.

Sales revenue
Gross profit