The inventory records of the Riedel Company showed the following transactions for the fiscal period ended June 30:

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 inventoryvaluations.

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Units 700 400 June 15 Sales S12.00 300 June 22 Sales$12.50 600 600 une Inventory June 3 Purchases Cost/Unit $6.20 6.40 June 30 Purchases 6.70