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! Required information (The following information applies to the questions displayed below. During the year,...

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Accounting

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! Required information (The following information applies to the questions displayed below. During the year, TRC Corporation has the following inventory transactions. Date Transaction Jan. 1 Beginning inventory Apr. 7 Purchase Jul.16 Purchase Oct. 6 Purchase Number of Units 42 122 192 102 458 Unit Cost $ 34 36 39 40 Total Cost $ 1,428 4,392 7,488 4,080 $17,388 For the entire year, the company sells 411 units of inventory for $52 each. Required: 1. Using FIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. FIFO Answer is complete but not entirely correct. Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost Cost of # of Cost Cost of Goods Cost # of per # of units Ending Available Goods units per per unit unit Sold units Inventory for Sale unit 42$ 34 $ 1,428 42 $ 34 $ 1,428 0 Beginning Inventory Purchases: Apr. 7 Jul. 16 Oct.6 122 $ 36 0 4,392 7,488 4,392 7,488 192 $ 39 0 0 122 $ 36 192$ 39 39 X $ 40 395 X 102$ 40 4,080 63 X $ 40 1,560 $ 14,868 X 2,520 2,520 X Total 458 $ 17,388 63 X $ > Answer is complete but not entirely correct. $ 16,590 X Sales revenue Gross profit $ 0

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