QUESTION 10 The following information was available from the inventory records of Rich Company for January Units Unit Cost Total Cost Balance at January 1 9,000 $9.77 $87.30 Purchases January 6.000 10.30 61 800 January 20 8,100 10.71 36.751 Sales: January 7 January 31 (7.500) (11.100 The physical count of inventory on January 31 shows 4400 units remaining in ending inventory Determine cost of goods sold and ending inventory using a periodic inventory system and the FIFO Cost flow assumption The correct method must be used, or no partial credit will be awarded. Clearly label your answers, COGS should be shown as a total dollar amount with supporting calculations. Ending Inventory must be shown by units, unit costs and total costs. Show all supporting calculations QUESTION 10 The following information was available from the inventory records of Rich Company for January Units Unit Cost Total Cost Balance at January 1 9,000 $9.77 $87.30 Purchases January 6.000 10.30 61 800 January 20 8,100 10.71 36.751 Sales: January 7 January 31 (7.500) (11.100 The physical count of inventory on January 31 shows 4400 units remaining in ending inventory Determine cost of goods sold and ending inventory using a periodic inventory system and the FIFO Cost flow assumption The correct method must be used, or no partial credit will be awarded. Clearly label your answers, COGS should be shown as a total dollar amount with supporting calculations. Ending Inventory must be shown by units, unit costs and total costs. Show all supporting calculations