Required information [The following information applies to the questions displayed below.] During the year, TRC Corporation...
Required information
[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 | 60 | $ | 52 | $ | 3,120 | ||||||
| Apr. | 7 | Purchase | 140 | 54 | 7,560 | ||||||||
| Jul. | 16 | Purchase | 210 | 57 | 11,970 | ||||||||
| Oct. | 6 | Purchase | 120 | 58 | 6,960 | ||||||||
| 530 | $ | 29,610 | |||||||||||
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.)
|
Homework Answers
Average cost per unit = 29,610/530 = 55.87 per unit
Cost of Goods Sold = 450 * 55.87 = 25,142
| Sales revenue (450*70) | 31,500 |
| Gross profit (31,500 - 25,142) | 6358 |
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Required information
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During the year, TRC Corporation...
Date Transaction Number of Units Unit Cost Total Cost Jan. 1 Beginning inventory 60 $ 52...
Date Transaction Number of Units Unit Cost Total Cost Jan. 1 Beginning inventory 60 $ 52 $ 3,120 Apr. 7 Purchase 140 54 7,560 Jul. 16 Purchase 210 57 11,970 Oct. 6 Purchase 120 58 6,960 530 $ 29,610 For the entire year, the company sells 450 units of inventory for $70 each. Exercise 6-4A Part 2 2. Using LIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit.
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Required information (The following information applies to the questions displayed below] During the year, TRC Corporation has the following inventory transactions. Number of Units . 56 Date Transaction Beginning Jan. 1 ". inventory Apr. 7 Purchase Jul.16 Purchase Oct. 6 Purchase NS Unit Cost Total Cost $48 $ 2,688 50 6,800 5310,918 54 6,264 $26,670 6, 90 IOS For the entire year, the company sells 442 units of inventory for $66 each. 2. Using LIFO, calculate ending inventory, cost of...
Required information [The following information applies to the questions displayed below) During the year, TRC Corporation has the following inventory transactions. Date Transaction Beginning Number of Units 56 Unit Cost $48 Jan. 1 inventory Apr. 7 Purchase Jul.16 Purchase Oct. 6 Purchase 136 206 116 514 Total Cost $ 2,688 6,800 10,918 6,264 $26,670 For the entire year, the company sells 442 units of inventory for $66 each. Required: 1. Using FIFO, calculate ending inventory, cost of goods sold, sales...
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