Required information Exercise 6-4A Calculate inventory amounts when costs are rising (LO6-3) Skip to question...
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Required information
Exercise 6-4A Calculate inventory amounts when costs are rising (LO6-3)
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[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.
Exercise 6-4A Part 3
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.)
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