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During the year, TRC Corporation has the following inventory transactions. Date Transaction Number of Units Unit Cost Total Cost Jan. 1 Beginning inventory 49 $
During the year, TRC Corporation has the following inventory transactions.
Date | Transaction | Number of Units | Unit Cost | Total Cost | |||||||||
Jan. | 1 | Beginning inventory | 49 | $ | 41 | $ | 2,009 | ||||||
Apr. | 7 | Purchase | 129 | 43 | 5,547 | ||||||||
Jul. | 16 | Purchase | 199 | 46 | 9,154 | ||||||||
Oct. | 6 | Purchase | 109 | 47 | 5,123 | ||||||||
486 | $ | 21,833 | |||||||||||
For the entire year, the company sells 428 units of inventory for $59 each.
Required:
1. Using FIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit.
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