E6-15A (Learning Objectives 1, 2: Accounting for inventory transactions under FIFO costing) Accounting records for Richmond Corporation yield the following data for the year ended December 31, 2010: general ledger Inventory, December 31, 2009 $ 8,000 Purchases of inventory (on account) 47,000 Sales of inventory?79% on account; 21 % for cash (cost $41,000) 79,000 Inventory at FIFO, December 31, 2010 14,000 Requirements 1. Journalize Richmond?s inventory transactions for the year under the perpetual system. 2. Report ending inventory, sales, cost of goods sold, and gross profit on the appropriate financial statement.

E6-15A (Learning Objectives 1, 2: Accounting for inventory transactions under FIFO costing) Accounting records for Richmond Corporation yield the following data for the year ended December 31, 2010: general ledger Inventory, December 31, 2009 $ 8,000 Purchases of inventory (on account) 47,000 Sales of inventory79% on account; 21 % for cash (cost $41,000) 79,000 Inventory at FIFO, December 31, 2010 14,000 Requirements 1. Journalize Richmond's inventory transactions for the year under the perpetual system. 2. Report ending inventory, sales, cost of goods sold, and gross profit on the appropriate financial statement