Solution-Compute the ending inventory and the cost of goods

Compute the ending inventory and the cost of goods sold

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Reference no: EM132882807

Problem - LIFO, Perpetual and Periodic - Riedel Company's inventory records showed the following transactions for the fiscal period ended June 30:

	Units	Cost/Unit
June 1 Inventory	700	$6.20
June 3 Purchase	400	6.40
June 15 Sales @ $12.00	300
June 22 Sales @ $12.50	600
June 30 Purchase	600	6.70

Required -

1. Compute the ending inventory and the cost of goods sold under the LIFO cost flow assumption assuming both a perpetual and a periodic inventory system.

2. Explain the difference in the final inventory valuations.

Reference no: EM132882807

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Compute the ending inventory and the cost of goods sold

Reference no: EM132882807

Reference no: EM132882807

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