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Riverbed Inc is trying to determine whether to use the FIFO or average cost formula. The accounting records show the following selected inventory information Cost
Riverbed Inc is trying to determine whether to use the FIFO or average cost formula. The accounting records show the following selected inventory information Cost of Goods Sold Units Cost Total Date Oct 2 15 Units 10.500 17.500 Purchases Cost Total $12 $126,000 116 280,000 Ending Inventory Cost Total $12 $126,000 Units 10,500 11) [3] 14] [5] 29 23.800 [6] 18] 12] 19] (10) [12] [13] The company accountant has prepared the following partial statement of income to help management understand the financial statement impact of each cost determination cost formula FIFO $563.000 Average $563.000 Sales Cost of goods sold Gross profit Operating expenses Income before income tax Income tax expense (30%) Net income 206,000 206,000 (a) Fill in the missing amounts in the perpetual inventory schedule, assuming the use of the FIFO cost formula. Purchases Cost Total Cost of Goods Sold Cost Units Units Total Date Oct. 2 10,500 $12 $126,000 15 17.500 16 280.000 29 23.800 (total units sold) Fill in the missing amounts in the perpetual inventory schedule, assuming the use of the FIFO cost formula Total Ending Inventory Cost Units Total 10.500 $12 $126.000 $
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