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Exercise 6-4A Calculate inventory amounts when costs are rising (LO6-3)

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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		$	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.

Exercise 6-4A Part 1

Required:

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