(SOLVED) Accounting records for Richmond Corporation yield the following


Question Description:

$19

Accounting records for Richmond Corporation yield the following data for the year ended December 31, 2010:Inventory, December 31, 2009……………………………………………………….. $ 8,000Purchases of inventory (on account)……………………………………………….. 47,000Sales of inventory 79% on account; 21% for cash (cost $41,000)……… 79,000Inventory at FIFO, December 31, 2010………………………………………….. 14,000Requirements1. 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.

Answer

$19