Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

During the year, TRC Corporation has the following inventory transactions. Date Transaction Number of Units Unit Cost Total Cost Jan. 1 Beginning inventory 60 $

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.

3. Using weighted-average cost, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. (Round "Weighted-Average Cost per unit" to 4 decimal places)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Internal Auditors For Stock Brokers

Authors: National Institute Of Securities Markets (NISM)

1st Edition

9350717581, 978-9350717585

More Books

Students also viewed these Accounting questions

Question

Describe the five elements of the listening process.

Answered: 1 week ago