The Following Are Data Available for Richards Co Calculate Cost of Goods Sold and Ending Inventory Under the of May

question 4

Essay

The following are data available for Richards Co.for the month of May:
$$\begin{array} { l l } \text { Sales } & \text { 1,120 units } \\\text { Beginning inventory } & 200 \text { units @ } \$ 1.25 \\ \text { Purchases, in chronological order } & 500 \text { units @ } \$ 1.30 \\& 400 \text { units@ } \$ 1.40 \\& 700 \text { units @ } \$ 1.50\end{array}$$
Calculate cost of goods sold and ending inventory under the following cost flow assumptions:
(1.)Weighted average
(2.)FIFO
(3.)LIFO

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Definitions:

Graph

A graph in mathematics represents numerical values as points, lines, or areas on a coordinate plane to visually display relationships or functions.

Logarithm

The logarithm is the power to which a number, called the base, must be raised to produce a given number. For example, in base 10, the logarithm of 1000 is 3 because 10 raised to the power of 3 is 1000.

Logarithm

The power to which a base, typically 10 or e, must be raised to produce a given number.

Logarithm

The exponent or power to which a base number must be raised to produce a given number.