Required information Exercise 6-4A Calculate Inventory amounts when costs are rising (LO6-3) [The following information applies to the questions...
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Required information
Exercise 6-4A Calculate Inventory amounts when costs are rising (LO6-3)
[The following information applies to the questions displayed below.)
During the year, TRC Corporation has the following inventory transactions.
Number of
Unit
Date
Transaction
Units
Cost
Total cost
Jan. 1
Beginning inventory
51
$ 43
$ 2, 193
Apr . 7
Purchase
131
45
5, 895
Jul. 16 Purchase
201
48
9, 648
Oct. 6 Purchase
111
5,439
494
$23, 175
For the entire year, the company sells 431 units of inventory for $61 each.
Exercise 6-4A Part 1
Required:
1. Using FIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit.
FIFO
Cost of Goods Available for Sale
Cost of Goods Sold
Ending Inventory
Cost of
Cost of
# of units
Cost per
Goods
# of units
Cost
Goods
# of
Cost
Ending
unit
Available
per unit
for Sale
Sold
units
per unit Inventory
Beginning
Inventory
Purchases:
Apr. 7
Jul.16
Oct.
Total
Sales revenue
Gross profit

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