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Compute the ending inventory and the cost of goods sold

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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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