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Riverbed Corp uses a periodic inventory system and reports the following for the month of June. Date Explanation Units Unit C
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Answer

  • Weighted average unit cost = $ 6.146

Average Method

Cost of Goods available for sale

Units

Cost/unit

COG for sale

Beginning Inventory

105

$                   5.00

$                            525.00

Purchases:

12-Jun

375

$                   6.00

$                        2,250.00

23-Jun

205

$                   7.00

$                        1,435.00

TOTAL

685

$              6.146 [$ 4210 / 685]

$                        4,210.00

  • Other requirements

FIFO

LIFO

Weighted Average

Ending Inventory

$      1,615.00

$              1,305.00

$                 1,444

Cost of Goods Sold

$      2,595.00

$              2,905.00

$                 2,766 [450 units x $ 6.146]

  • Workings

FIFO

Cost of Goods available for sale

Cost of Goods Sold

Ending Inventory

Units

Cost/unit

COG for sale

Units sold

Cost/unit

COGS

Units

Cost/unit

Ending inventory

Beginning Inventory

105

$                   5.00

$                            525.00

105

$                 5.00

$                     525.00

0

$                   5.00

$                         -  

Purchases:

12-Jun

375

$                   6.00

$                        2,250.00

345

$                 6.00

$                 2,070.00

30

$                   6.00

$                180.00

23-Jun

205

$                   7.00

$                        1,435.00

0

$                 7.00

$                              -  

205

$                   7.00

$            1,435.00

TOTAL

685

$                        4,210.00

450

$                 2,595.00

235

$            1,615.00

LIFO

Cost of Goods available for sale

Cost of Goods Sold

Ending Inventory

Units

Cost/unit

COG for sale

Units sold

Cost/unit

COGS

Units

Cost/unit

Ending inventory

Beginning Inventory

105

$                   5.00

$                            525.00

0

$                 5.00

$                              -  

105

$                   5.00

$                525.00

Purchases:

12-Jun

375

$                   6.00

$                        2,250.00

245

$                 6.00

$                 1,470.00

130

$                   6.00

$                780.00

23-Jun

205

$                   7.00

$                        1,435.00

205

$                 7.00

$                 1,435.00

0

$                   7.00

$                         -  

TOTAL

685

$                        4,210.00

450

$                 2,905.00

235

$            1,305.00

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