Question
Riverbed Corporation began operations on December 1, 2016. The only inventory transaction in 2016 was the purchase of inventory on December 10, 2016, at a
Riverbed Corporation began operations on December 1, 2016. The only inventory transaction in 2016 was the purchase of inventory on December 10, 2016, at a cost of $20 per unit. None of this inventory was sold in 2016. Relevant information for fiscal 2017 is as follows: Ending inventory units:
December 31, 2016 | 130 | ||||||
December 31, 2017, by purchase date | |||||||
Dec. 2, 2017 | 130 | ||||||
July 20, 2017 | 30 | 160 |
During 2017, the following purchases and sales were made:
Purchases | Sales | |||||||||
Mar. | 15 | 350 units at $24 | Apr. | 10 | 220 | |||||
July | 20 | 350 units at $26 | Aug. | 20 | 300 | |||||
Sept. | 4 | 250 units at $30 | Nov. | 18 | 170 | |||||
Dec. | 2 | 130 units at $30 | Dec. | 12 | 360 |
The company uses the periodic inventory method.
Determine the ending inventory under FIFO.
Ending Inventory: $4,800
Determine ending inventory under weighted average cost.
Ending Inventory: $___________
Determine ending inventory under specific identification. 4680 Ending inventory $Step by Step Solution
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