ACCOUNTING rk Chapter #6 Questions 3-6 The following information applies to the

Question

ACCOUNTING rk Chapter #6 Questions 3-6 The following information applies to the questions displayed below During the year, TRC Corporation has the following inventory transactions. Number of Units 60 140 210 120 Unit Cost Total Cost $52 $ 3,120 7,560 11,970 6,960 Transaction Date Jan. 1 Apr. 7 Jul. 16 Oct. 6 Beginning inventory Purchase Purchase Purchase 54 57 58 530 $29,610 For the entire year, the company sells 450 units of inventory for $70 each. value: 10.00 points Required 1. Using FIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross

Explanation / Answer

FIFO Cost of gds available for sale Cost of goods sold Ending inventory

No of units $/unit $ No of units $/unit $ No of unit $/unit $

Beginning

Inventory. 60 52 3120 60 52 3120

Purchase

Apr 7 140 54 7560 140 54 7560

Jul 16 210 57 11970 210 57 11970

Oct 6. 120 58 6960 40 58 2320 80 58 4640

Total. 530. 29610. 24970. 80. 4640

Sales revenue. $ 31500

Gross profit. $ 6530

(31500- 24970)

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