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ed 00 an 600 The following information was available from the January inventory records of...

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Accounting

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ed 00 an 600 The following information was available from the January inventory records of Rich Company Units Unit Cost Total Cost Balance at January 1 800 $10.00 $8,000 Purchases January 6 11.00 6,600 January 26 800 12.00 9,600 Rich maintains a perpetual inventory system and costs inventory using last-in, first-out (LIFO). Sales included: 900 units on Jan 7, and 600 units on Jan 31. All units sold for $20 each. Operating expenses were $500 for the month of January. Assume a 40% tax rate How many units are in ending inventory? What is the cost of the units in ending inventory? How much is gross profit from the sales of inventory? NOTE: Label each response (a) and (b) separately. Be sure to show all calculations and tabel your numbers. a b

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