Answered step by step
Verified Expert Solution
Link Copied!

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. 1

image text in transcribedimage text in transcribedimage text in transcribed

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 60 140 210 120 530 Unit Cost $52 54 57 Total Cost $ 3, 120 7,560 11,970 6,960 $29,610 58 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 "Average Cost per unit" to 2 decimal places and all other answers to the nearest whole number.) 3. Using weighted average cost, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. (Round "Average Cost per unit" to 2 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 units Average Cost Cost of Goods per unit Available for Sale $ # of units Average Cost | Sold per Unit Cost of Goods Sold # of units in Ending Inventory Average Cost per unit Ending Inventory 60 $ 3,120 Beginning Inventory Purchases: Apr 07 Jul 16 Oct 06 Total 210 120 530 7,560 11,970 6,960 29,610 $ 450 Sales revenue Gross profit

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

Managerial Accounting For Clarion University Of Pennsylvania

Authors: Ray H. Garrison

14th Edition

0077577515, 978-0077577513

More Books

Students also viewed these Accounting questions

Question

What is a situation analysis? AppendixLO1

Answered: 1 week ago