REQUIRED: Homework Chapter 6 Inventory Surved Help Save & Exit 5 Russell Retail Group begins the year with inventory of $45.000 and ends the year with inventory of $35,000. During the year, the company has four purchases for the following amounts 6.53 points Purchase on February 17 Purchase on May 6 Purchase on September 8 Purchase on December 4 $ 200,000 120,000 150,000 400,000 ODOX Rutes Required: Calculate cost of goods sold for the year S Beginning inventory 45,000 Cost of goods available for sale Cost of goods sold REQUIRED Homework Chapter 6 Inventory Saved Help Save & Exit Submit 0 2 Required information The following information applies to the questions displayed below) A company like Golf USA that sells golf-related inventory typically will have inventory items such as golf clothing and golf equipment As technology advances the design and performance of the next generation of drivers, the older models become less marketable and therefore decline in value. Suppose that in the current year, Pinga manufacturer of golf clubs) introduces the MegaDriver I, the new and improved version of the MegaDriver Below are amounts related to Golf USA's inventory at the end of the year. 6.53 Dots Dok Dotorences Inventory Shirts MegaDriver MegaDriver II Quantity 36 16 31 Cost $ 61 370 355 NRV $ 71 255 430 2. Record any necessary adjustment to inventory. If no entry is required for a transaction/event. select "No journal entry required in the first account field.) View action 2 Journal entry worksheet