Answered: Riverbed Corp reports the following for…

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter5: Inventories And Cost Of Goods Sold

Section: Chapter Questions

Problem 5.24MCE

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Question

Riverbed Corp reports the following for the month of June.

Date	Explanation	Units	Unit Cost	Total Cost
June 1	Inventory	129	$ 5	$ 645
12	Purchases	344	6	2,064
23	Purchases	203	7	1,421
30	Inventory	234

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Calculate weighted-average unit cost. (Round answer to 3 decimal places, e.g. 5.125.)

Weighted-average unit cost

$ enter weighted-average unit cost in dollars rounded to 3 decimal places

Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (Round answers to 0 decimal places, e.g. 125.)

	FIFO	LIFO	Average-cost
The cost of the ending inventory	$ enter a dollar amount rounded to 0 decimal places	$ enter a dollar amount rounded to 0 decimal places	$ enter a dollar amount rounded to 0 decimal places
The cost of goods sold	$ enter a dollar amount rounded to 0 decimal places	$ enter a dollar amount rounded to 0 decimal places	$ enter a dollar amount rounded to 0 decimal places