Riverbed Company, Ltd. had a beginning inventory of 464 units of Product Kimbo at a cost of 2 per unit. During the year, purchases were: Feb. 20 232 @ 7 Aug. 12 696 @ 14 May 5 580 @ 8 Dec. 8 348 @ 15 Riverbed Company uses a periodic inventory system. Sales totaled 1,740 units. Determine the cost of goods available for sale. The cost of goods available for sale

Riverbed Company, Ltd. had a beginning inventory of 464 units of Product Kimbo at a cost of 2 per unit. During the year, purchases were: Feb. 20 232 7 Aug. 12 696 14 May 5 580 8 Dec. 8 348 15 Riverbed Company uses a periodic inventory system. Sales totaled 1,740 units. Determine the cost of goods available for sale. The cost of goods available for sale Determine (1) the ending inventory and (2) the cost of goods sold under the two assumed cost flow methods (FIFO and average-cost). (Round average unit cost to 2 decimal places, e.g. 25.16 and final answers to 0 decimal places, e.g. 2,120.) AVERAGE-COST The ending inventory The cost of goods sold el FIFO FI Which cost flow method results in (1) the lower inventory amount for the statement of financial position, and (2) the lower cost of goods sold for the income statement? (2) results in the lower inventory amount for the statement of financial position, E results in the lower cost of goods sold, El