B$.$ We worked through this problem in class. But it is a good one to revisit.

Riker Corp. uses a periodic system of inventory and reports the following balances in its accounts for

the years ending $207$ and $208$ prior to closing its nominal $($temporary$)$ inventory accounts:

Riker also has the following information regarding its real $($permanent$)$ inventory accounts from its ledger

$($all provided after the periodic COGS adjustment has been made and nominal accounts are closed$).$

What amount of inventory would Riker record on its balance sheet at P$\frac{12}{31}\frac{?}{x8},\frac{12}{31}\frac{?}{x7}?$

Determine the cost of goods sold for Riker Corp. during $20x8.$ Please provide step by step Instruction as well as appropriate solutions for each queston point!!