Answered step by step
Verified Expert Solution
Question
1 Approved Answer
I was unable to figure out the average cost per unit. Any help is appreciated! Required information [The following information applies to the questions displayed
I was unable to figure out the average cost per unit. Any help is appreciated!
Required information [The following information applies to the questions displayed below.] During the year, TRC Corporation has the following inventory transactions. Date Jan. 1 Apr. 7 Jul. 16 Oct. 6 Transaction Beginning inventory Purchase Purchase Purchase Number of Units 46 126 196 106 Unit Cost $ 38 40 43 44 Total Cost $ 1,748 5,040 8,428 4,664 474 $19,880 For the entire year, the company sells 425 units of inventory for $56 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) Answer is complete but not entirely correct. Cost of Goods Available for Sale Weighted Average Cost Cost of Goods Sold - Weighted Average Cost # of Average Cost of units Cost Goods Sold per Unit Sold Cost of Goods Available for Sale $ IS 1,748 # of units Average Cost per unit Ending Inventory - Weighted Average Cost # of units Average in Ending Cost Ending Inventory Inventory per unit 46 Beginning Inventory Purchases: Apr 07 5,040 126 196 Jul 16 8,428 4,664 Oct 06 106 Total 474 $ 41.9400 $ 19,880 425 $ 41.9400 $ 17,825 49 $ 41.9400 x $ $ 2,055 Answer is complete and correct. Sales revenue Gross profit $ 23,800 $ 5,976Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started