Required information

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		52		$	44			$	2,288
Apr.	7	Purchase		132			46				6,072
Jul.	16	Purchase		202			49				9,898
Oct.	6	Purchase		112			50				5,600
				498						$	23,858

For the entire year, the company sells 432 units of inventory for $62 each.

Exercise 6-4A Part 1

Required:

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