Analyzing inventory transactions under FIFO costing) Riva's, Inc.'s inventory records for a particular development program show the following at May 31: LO 23 May 1 15 Beginning inventory Purchase. 8 units $150 - 5 units $1.50 $1,200 26 13 units $160 750 2,080 Purchase.... At May 31, 10 of these programs are on hand. Journalize for Riva's: 1. Total May purchases in one summary entry. All purchases were on credit. 2. Total May sales and cost of goods sold in two summary entries. The selling price was $640 per unit and all sales were on credit. Assume that Riva's uses the FIFO inventory method and the sale took place on May 28. 3. Under FIFO, how much gross profit would Riva's earn on these transactions? What is the FIFO cost of Riva's, Inc.'s ending inventory? E6-30B. (Learning Objective 2, 3: Determining ending inventory and cost of goods sold by four methods) Use the data for Riva's, Inc., in Exercise 6-29B to answer the following. Requirements 1. Compute cost of goods sold and ending inventory using each of the following methods: a. Specific unit cost, with four $150 units and six $160 units still on hand at the end b. Average cost c. FIFO d. LIFO 2. Which method produces the highest cost of goods sold? Which method produces the low- est cost of goods sold? What causes the difference in cost of goods sold? LO 2 3 spreadsheet