Question

2 of 4 (2 complete)? H XE6-31B (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. Requirement 1. Compute cost of goods sold and ending inventory, using each of the following four inventory methods: Begin by entering the number of units sold and number of units in ending inventory. Then calculate cost of goods sold and ending inventory using (a) specific identification, then (b) average LIFO. (Round the average cost per unit to the nearest cent. Round all final answers to the nearest whole dollar.) Number (a) of units Specific identification Cost of goods sold 16 Ending inventory 11 Enter any number in the edit fields and then click Check Answer. 6 parts remaining 1 Data Table X Jul 1 Beginning inventory 9 units $ 165 $ 1,485 15 Purchase 5 units @ 166 $ 830 26 Purchase 13 units@ 175 $ 2,275 Print Done Clear All

          2 of 4 (2 complete)?
H
XE6-31B (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.
Requirement 1. Compute cost of goods sold and ending inventory, using each of the following four inventory methods:
Begin by entering the number of units sold and number of units in ending inventory. Then calculate cost of goods sold and ending inventory using (a) specific identification, then (b) average
LIFO. (Round the average cost per unit to the nearest cent. Round all final answers to the nearest whole dollar.)
Number
(a)
of units
Specific identification
Cost of goods sold
16
Ending inventory
11
Enter any number in the edit fields and then click Check Answer.
6 parts
remaining
1 Data Table
X
Jul 1 Beginning inventory
9 units $ 165 $ 1,485
15 Purchase
5 units @
166 $ 830
26 Purchase
13 units@
175 $ 2,275
Print
Done
Clear All

2 of 4 (2 complete)?
H
XE6-31B (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.
Requirement 1. Compute cost of goods sold and ending inventory, using each of the following four inventory methods:
Begin by entering the number of units sold and number of units in ending inventory. Then calculate cost of goods sold and ending inventory using (a) specific identification, then (b) average
LIFO. (Round the average cost per unit to the nearest cent. Round all final answers to the nearest whole dollar.)
Number
(a)
of units
Specific identification
Cost of goods sold
16
Ending inventory
11
Enter any number in the edit fields and then click Check Answer.
6 parts
remaining
1 Data Table
X
Jul 1 Beginning inventory
9 units 165 1,485
15 Purchase
5 units @
166 830
26 Purchase
13 units@
175 2,275
Print
Done
Clear All

Added by Jacqueline B.

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