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.
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 11E: Alternative Inventory Methods Nevens Company uses a periodic inventory system. During November, the...
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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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