Question

Financial Accounting - 61876 Homework: Week 5: Homework 2 of 4 (1 complete) Score: 0 of 10 pts E6-31B (similar to) Richmond Company's inventory records for its retail division show the following at July 31: (Click the icon to view the accounting records.) At July 31, 11 of these units are on hand. Read the requirements Data Table Requirement 1. Compute cost of goods sold and ending inventory, using each of the follo Begin by entering the number of units sold and number of units in ending inventory. Then LIFO. (Round the average cost per unit to the nearest cent. Round all final answers to the Jul 1 Beginning inventory... 15 Purchase .. 26 Purchase ....... 9 units @ $ 5 units @ 13 units @ 165 $ 1,485 166 - $ 830 175 - $ 2,275 Number of units Cost of goods sold Ending inventory Print Done Enter any number in the edit fields and then click Check Answer remaining Clear All

Answer 1

UNITS:

Beginning Inventory : 9

Add: Purchase :18(5+13)

Total Units Available : 27

Less: Ending Inventory:11

Goods Sold in unit : 16 (27-11)

LIFO (Last in First Out Method)

Ending Inventory :11

9 units @ $165=9*165=$1485

2 units (11-9) @$166=2*166=$332

Total Ending Inventory =1485+332=$1,817

Total available =1485+830+2275=$4,590

Ending Inventory=$1,817

Cost of Goods Sold =4590-1817=$2,773

	Units	Amount
Ending Inventory	11	$1,817
Cost of goods sold	16	$2,773