Answered step by step
Verified Expert Solution
Question
1 Approved Answer
! Required information [The following information applies to the questions displayed below] During the year, TRC Corporation has the following inventory transactions. Date Transaction Jan.
! Required information [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 Unit Cost 41 $ 33 121 35 191 38 101 39 Total Cost $ 1,353 4,235 7,258 3,939 $16,785 454 For the entire year, the company sells 410 units of inventory for $51 each 3. 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.) Cost of Goods Available for Sale Cost of Goods Sold - Weighted Average Cost Ending Inventory - Weighted Average Cost Weighted Average Cost # of Cost per unit units #of units Sold Cost per Unit Cost of Goods Available for Sale $ 1,353 Cost of Goods Sold # of units in Ending Inventory Cost per unit Ending Inventory 41 121 Beginning Inventory Purchases Apr 07 Jul 16 Oct 06 Total 191 4,235 7,258 3,939 16,785 101 454 $36.9714$ 410$ 36.9714$ 17,603 X 44 36.9714 $ 1,889 X Answer is complete but not entirely correct. $ 20,910 Sales revenue Gross profit IS 3,307
Step 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