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, 8 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 nur Und ending inventory using (a) specific identific Requirements x unit to the nearest cent. Round all final answers to NO 01 Cost of goods sold Ending inventory Requirement 2. Which i What causes the differen 1. Compute cost of goods sold and ending inventory, using each of the following methods: a. Specific identification, with two $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 lowest cost of goods sold? What causes the difference in cost of goods sold? pods sold? Which method produces Which method produces The difference in cost of Print Done 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, 8 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 cost, then (c) FIFO, and finally (d) LIFO. (Round the average cost per unit to the nearest cent. Round all final answers to the nearest whole dollar.) Number (a) (b) (c) (d) of units Specific identification Average cost FIFO LIFO Cost of goods sold Ending inventory 8 Requirement 2. Which method produces the highest cost of goods sold? Which method produces the lowest cost of goods sold? What causes the difference in cost of goods sold? Which method produces the highest cost of goods sold? Which method produces the lowest cost of goods sold? The difference in cost of goods sold under the two methods identified above was caused by 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, 8 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 cost, then (c) FIFO, and finally (d) LIFO. (Round the average cost per unit to the nearest cent. Round all final answers to the nearest whole dollar.) Number Data Table x of units Spa Cost of goods sold Ending inventory 8 Jul 1 Beginning inventory 4 units @ $150 = $600 Requirement 2. Which method produd goods sold? What causes the difference in cost of Jul 15 Purchase 5 units @ $151 = $755 Jul 26 Purchase 11 units @ $160 = $1,760 Which method produces the highest co Which method produces the lowest co Print Done The difference in cost of goods sold under the two methods identified above was caused by
