Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

X Answer is not complete. Cost of Goods Available for Sale Cost of Goods Sold - Weighted Average Cost Ending Inventory - Weighted Average Cost

image text in transcribedimage text in transcribed

X Answer is not complete. Cost of Goods Available for Sale Cost of Goods Sold - Weighted Average Cost Ending Inventory - Weighted Average Cost Weighted Average Cost # of units # of units Cost per unit units Cost per Unit Cost of Goods Available for Sale 3,120 Cost of Goods Sold Cost per unit Ending Inventory Sold Ending Inventory 60 Beginning Inventory Purchases: Apr 07 Jul 16 Oct 06 Total 140 210 120 530 7,560 11,970 6,960 29,610 $ 450 $ 25,410 Required information [The following information applies to the questions displayed below.) During the year, TRC Corporation has the following inventory transactions. Number of Units Unit Cost $ 52 Date Transaction Jan. 1 Beginning inventory Apr. 7 Purchase Jul.16 Purchase Oct. 6 Purchase 60 140 210 120 Total Cost $ 3, 120 7,560 11,970 6,960 $29,610 530 For the entire year, the company sells 450 units of inventory for $70 each. . 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.)

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

Financial And Managerial Accounting

Authors: Carl S. Warren, Jefferson P. Jones, William B. Tayler

15th Edition

1337902667, 9781337902663

More Books

Students also viewed these Accounting questions

Question

Whats involved in listening?

Answered: 1 week ago