Exercise 6-4 Calculate inventory amounts when costs are rising (LO6-3)

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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	50	$ 42	$	2,100
Apr. 7	Purchase	130	44		5,720
Jul. 16	Purchase	200	47		9,400
Oct. 6	Purchase	110	48		5,280
		490		$	22,500

For the entire year, the company sells 440 units of inventory for $60 each.

Exercise 6-4 Part 2

2. Using LIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit.