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Exercise 6-4 Calculate inventory amounts when costs are rising (LO6-3) [The following information applies to the questions displayed below.] During the year, TRC Corporation has
Exercise 6-4 Calculate inventory amounts when costs are rising (LO6-3)
[The following information applies to the questions displayed below.]
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 | |
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490 | $ | 22,500 | |||
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For the entire year, the company sells 440 units of inventory for $60 each.
Exercise 6-4 Part 3
3. Using weighted-average cost, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. (Round "Weighted-Average Cost per unit" to 2 decimal places)
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