Exercise 6-4 Calculate inventory amounts when costs are rising (LO3)

[The following information applies to the questions displayed below.]

During 2015, TRC Corporation has the following inventory transactions.

Date	Transaction	Number of Units	Unit Cost	Total Cost
Jan. 1	Beginning inventory	40	$ 32	$	1,280
Apr. 7	Purchase	120	34		4,080
Jul. 16	Purchase	190	37		7,030
Oct. 6	Purchase	100	38		3,800
		450		$	16,190

For the entire year, the company sells 400 units of inventory for $50 each.

Exercise 6-4 Part 1

Required:

1.

Using FIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit.

Exercise 6-4 Part 2

2.

Using LIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit.

Exercise 6-4 Part 3

3.	Using weighted-average cost, calculate ending inventory, cost of goods sold, sales revenue, and gross profit.