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 59 $

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

Date Transaction Number of Units Unit Cost Total Cost
Jan. 1 Beginning inventory 59 $ 51 $ 3,009
Apr. 7 Purchase 139 53 7,367
Jul. 16 Purchase 209 56 11,704
Oct. 6 Purchase 119 57 6,783
526 $ 28,863

Using weighted-average cost, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. (Round "Average Cost per unit" to 4 decimal places and all other answers to the nearest whole number.)

Weighted Average Cost Cost of Goods Available for Sale Cost of Goods Sold - Weighted Average Cost Ending Inventory - Weighted Average Cost
# of units Cost per unit Cost of Goods Available for Sale # of units Sold Cost per Unit Cost of Goods Sold # of units in Ending Inventory Cost per unit Ending Inventory
Beginning Inventory 59 $3,009
Purchases:
Apr 07 139 7,367
Jul 16 209 11,704
Oct 06 119 6,783
Total 526 $28,863

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_2

Step: 3

blur-text-image_3

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

ISE Managerial Accounting For Manager

Authors: Eric Noreen, Peter C. Brewer, Ray H. Garrison

6th Edition

1265118434, 9781265118433

More Books

Students explore these related Accounting questions