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Richmond sporting goods which uses the fifo method has the

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Reference no: EM13599967

Richmond Sporting Goods, which uses the FIFO method, has the following account balances at August 31, 2012, prior to releasing the financial statements for the year:

  • Inventory Cost of goods sold
  • Bal 14,500 Bal 67,000
  • Sales revenue
  • Bal 117,000

Richmond has determined that the replacement cost (current market value) of the August 31, 2012, ending inventory is $13,500.
1. Prepare any adjusting journal entry required from the information given
2. What value would Richmond report on the balance sheet at August 31, 2012,for inventory?

Reference no: EM13599967

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