Business, 15.03.2020 19:00 kaitlynngrace15

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During the year, TRC Corporation has the following inventory transactions.

Date Transaction Number of Units Unit Cost Total Cost
Jan. 1 Beginning inventory 53 $ 45 $ 2,385
Apr. 7 Purchase 133 47 6,251
Jul. 16 Purchase 203 50 10,150
Oct. 6 Purchase 113 51 5,763
502 $ 24,549

For the entire year, the company sells 433 units of inventory for $63 each.

Required:

1. Using FIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit.

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