Required information Exercise 6-4A Calculate inventory amounts when costs are rising (L06-3) [The following information applies to the questions displayed below.] During the year, TRC Corporation has the following inventory transactions. Date Transaction Jan. 1 Beginning inventory Apr. 7 Purchase Jul.16 Purchase Oct. 6 Purchase Number of Units 60 140 210 120 530 Unit Cost $ 52 54 57 58 Total Cost $ 3,120 7,560 11,970 6,960 $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. Answer is complete but not entirely correct. Cost of Goods Sold Ending Inventory FIFO Cost of Goods Available for Sale # of units Cost per unit Cost of Goods Available for Sale # of units Cost per unit Cost of Goods Sold # of units Cost per unit Ending Inventory 60 $ 52 $ 3,120 60 $ 52 $ 3,120 70X $ 52 $ 3,640 Beginning Inventory Purchases: Apr. 7 Jul. 16 54 140 $ 54 7,560 140 210 $ $ 57 $ 58 O 7,560 11,970 6,960 $ 29,610 >> >> 7,560 11,970 2,320 $ 24,970 140 X $ 54 210 X $ 57 90 210 $ 57 40 $ 58 450 > Oct. 6 Total $ 58 120 530 x > 11,970 5,220 4,640 80 $ Exercise 6-11A Record transactions using a perpetual system (LO6-5) DS Unlimited has the following transactions during August August 6 Purchases 70 handheld game devices on account from GameGirl, Inc., for $200 each, terms 1/10, n/60. August 7 Days $400 to Sure Shipping for freight charges associated with the August 6 purchase August 10 Returns to GameGirl six game devices that were defective. August 14 Pays the full amount due to GameGirl. August 23 sell. 50 game devices purchased on August 6 for $220 each to customers on account. The total cost of the 50 game devices sold is $10,212.50. Required: Record the transactions of DS Unlimited, assuming the company uses a perpetual inventory system. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Round your answers to 2 decimal places.) No Date August 06 Credit Answer is complete but not entirely correct General Journal Debit Inventory 14,000.00 Accounts Payable 1 >> 14,000.00 2 August 07 400.00 Inventory Cash >> 400.00 3 August 10 1,200.00 Accounts Payable Inventory 1,200.00 >>>> 4 August 14 12,800.00 Accounts Payable Inventory Cash 128.00 12,672.00 5 August 23 11,000.00 Accounts Receivable Sales Revenue 11,000.00 6 August 23 10.213.00 Cost of Goods Sold Inventory OO 10.213.00