LIFO, Perpetual and Periodic The inventory records of the Riedel Company showed the following transactions for the fiscal period ended June 30:
|
Units |
Cost/Unit |
|
|
June 1 Inventory |
700 |
$6.20 |
|
June 3 Purchases |
400 |
6.4 |
|
June 15 Sales @ $12.00 |
300 |
|
|
June 22 Sales @ $12.50 |
600 |
|
|
June 30 Purchases |
600 |
6.7 |
Required
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. Explain any difference in the final inventory valuations.