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Required information [The following information applies to the questions displayed below.) During the year, TRC...

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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 49 129 199 109 Unit Cost $ 41 43 46 47 Total Cost $ 2,009 5,547 9,154 5,123 $21,833 486 For the entire year, the company sells 428 units of inventory for $59 each. Required: 1. Using FIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit Ending Inventory # of units Cost Ending per unit Inventory 0 FIFO Cost of Goods Available for Sale Cost of Goods Sold Cost of Cost per # of units Cost of Goods Cost per unit Available # of units Goods unit for Sale Sold Beginning Inventory 49 $ 41 $ 2,009 49 $ 41 $ 2,009 Purchases 129 $ 43 5,547 129 $ 43 5,547 Jul 16 199 $ 46 9,154 199 $ 46 9,154 Oct 0 100 $ 47 5,123 51 $ 47 2,397 Total 486 $ 21,833 428 $ 19,107 + Apr. 7 0 0 47 2.720 58 5 58 $ 2.726

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