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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
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