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

question 31

Essay

The following are data available for Richards Co. for the month of May: $$\begin{array} { | l | l | l | } \hline \text { Sales } & 560 & \text { units } \\\hline \text { Beginning inventory } & 100 & \text { units @ } \$ 1.25 \\\hline \text { Purchases, in chronological order } & 250 & \text { units @ } \$ 1.30 \\\hline & 200 & \text { units@ } \$ 1.40 \\\hline & 350 & \text { units @ } \$ 1.50 \\\hline\end{array}$$ 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:

Stereochemical Detail

Information regarding the spatial arrangement of atoms within a molecule and how this arrangement affects the molecule's behavior and reactions.

Major Organic Product

The main product formed in greater quantity compared to other products in an organic chemical reaction.

Step-by-step Mechanism

A detailed, sequential description of the stages involved in a chemical reaction, explaining how reactants transform into products.

Major Organic Product

The primary outcome of a chemical reaction, specifically indicating the most abundant product formed when organic compounds are involved.