During the year, TRC A.. has the following stock transactions. History process Number of Units The unit

During the year, TRC A.Ş. has the following stock transactions.

History		process	Number of Units			The unit cost			Total amount
Fireplace	1	Initial inventory		49		$	41			$	2.009
Nisan	7	To buy		129			43				5.547
July	16	To buy		199			46				9.154
October	6	To buy		109			47				5.123
				486						$	21.833

All year, the company sells 428 units of inventory at $59 each.

Necessary:

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

Answer rating: 100% (QA)

Using the FIFO FirstIn FirstOut method the units sold are assumed to be the oldest units purchased f... View the full answer