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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. If required, round your answers to the nearest dollar.

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. If required, round your answers to the nearest dollar.

Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter10: Inventory
Section: Chapter Questions
Problem 4PA: Calculate the cost of goods sold dollar value for A74 Company for the sale on March 11, considering...
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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. If required, round your answers to the nearest dollar.
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. If required, round your answers to the nearest dollar. LIFO - periodic: Ending inventory $4 Cost of goods sold LIFO - perpetual: Ending inventory $1 Cost of goods sold
Transcribed Image Text: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. If required, round your answers to the nearest dollar. LIFO - periodic: Ending inventory $4 Cost of goods sold LIFO - perpetual: Ending inventory $1 Cost of goods sold
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