Question

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 59 139 209 119 526 Unit Cost $ 51 53 56 Total Cost $ 3,009 7,367 11,704 6,783 $28,863 57 For the entire year, the company sells 445 units of inventory for $69 each. B. 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 units Cost of # of units Cost per unit Cost of Goods # of units Available for Sold Sale Cost per Unit Cost per unit Goods Sold in Ending Ending Inventory Inventory $ 3,009 139 Beginning Inventory Purchases: Apr 07 Jul 16 Oct 06 Total 209 119 526 7,367 11,704 6,783 28,863 $

Answer 1

Weighted Average Cost	Cost of goods available for Sale			Cost of goods sold-Weighted Average Cost			Ending Inventory -Weighted Average Cost
	# of units	Cost per unit	Cost of goods Available for Sale	# of units Sold	Cost per unit	Cost of goods sold	# of units in Ending inventory	Cost per unit	Ending Inventory
Beginning inventory	59		3,009
Purchases :
Apr-07	139		7,367
Jul-16	209		11,704
Oct-06	119		6,783
Total	526	54.8726	28,863	445	54.8726	24,418	81	54.8726	4,445

Ending inventory = $4,445

Cost of goods sold = $24,418

Sales revenue = Number of units sold x Selling price per unit

= 445 x 69

= $30,705

Gross profit = Sales - Cost of goods sold

= 30,705-24,418

= $6,287

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