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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.

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.

Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter10: Inventory
Section: Chapter Questions
Problem 5EB: Bleistine Company had the following transactions for the month. Calculate the ending inventory...
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IFO, 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     $
Cost of goods sold   $

LIFO - perpetual:
Ending inventory     $
Cost of goods sold   $

 

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