During the year, TRC Corporation has the following inventory transactions. Date Transaction Number of Units Unit Cost Total Cost Jan. 1 Beginning inventory 60 $ 52 $ 3,120 Apr. 7 Purchase 140 54 7,560 Jul. 16 Purchase 210 57 11,970 Oct. 6 Purchase 120 58 6,960 530 $ 29,610 For the entire year, the company sells 450 units of inventory for $70 each. Exercise 6-4A Part 1 Required: 1. Using FIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit.

Ending inventory = $3,440; Cost of goods sold = $24,370; Sales revenue = $31,500; and Gross profit = $7,130.

Explanation:

Note: The data in this question are merged together. They are therefore sorted before answering the question. See the attached pdf file for the represented question with the sorted data.

Explanation to the answer is now presented as follows:

Note: the attached excel for the calculation of calculation of Cost of goods available for sale, Cost of goods sold, and Ending inventory using FIFO.

First In, First Out (FIFO) can be described as an inventory accounting method in which inventory items that bought first are sold first, while the one that are bought last are the ones that are sold last.

In the attached excel file, since the inventory purchased on Oct. 6 is the one bought last, the number of unit of inventory purchased on Oct. 6 which are sold is calculated as follows:

by deducting the sum of the beginning

inventory and inventory purchased before Oct. 6 from the total inventory sold as follows:

Number of unit of inventory purchased on Oct. 6 that are sold = Total inventory sold – sum of the beginning inventory and inventory purchased before Oct. 6 = 450 - (60 + 140 + 210) = 4

The number of ending inventory is therefore calculated as follows:

Number of unit of ending inventory = Number of inventory purchased on Oct. 6 - Number of inventory purchased on Oct. 6 sold = 120 – 40 = 80

Sales revenue = Number of unit units of inventory sold for the entire year * Selling price per unit = 450 * $70 = $31,500

From the attached excel file, we have:

Cost of goods sold = $24,370

Ending inventory = $3,440

Therefore, we have:

Gross profit = Sales revenue - Cost of goods sold = $31,500 - $24,370 = $7,130

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