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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 60 $
During the year, TRC Corporation has the following inventory transactions.
Date Transaction Number of Units Unit Cost Total Cost Jan. 1 Beginning inventory 60 $ 52 $ 3,120 Apr. 7 Purchase 140 54 7,560 Jul. 16 Purchase 210 57 11,970 Oct. 6 Purchase 120 58 6,960 530 $ 29,610
For the entire year, the company sells 450 units of inventory for $70 each.
Required:
1. Using FIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit
During the year, TRC Corporation has the following inventory transactions.
| Date | Transaction | Number of Units | Unit Cost | Total Cost | |||||||||
| Jan. | 1 | Beginning inventory | 60 | $ | 52 | $ | 3,120 | ||||||
| Apr. | 7 | Purchase | 140 | 54 | 7,560 | ||||||||
| Jul. | 16 | Purchase | 210 | 57 | 11,970 | ||||||||
| Oct. | 6 | Purchase | 120 | 58 | 6,960 | ||||||||
| 530 | $ | 29,610 | |||||||||||
For the entire year, the company sells 450 units of inventory for $70 each.
Required:
1. Using FIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit
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