### Inventory Calculation Example**Riverbed Corp** uses a periodic inventory system. The records for the month of May are shown below, during which 75 units were sold.#### Inventory Records| Date | Explanation | Units | Unit Cost | Total Cost ||------|-------------|-------|-----------|------------|| May 1 | Inventory | 34 | $8 | $272 || 15 | Purchase | 26 | $9 | $234 || 24 | Purchase | 40 | $10 | $400 || **Total** | | **100** | | **$906** |### Calculations**1. Weighted-Average Unit Cost**Calculate the weighted-average unit cost. *(Round your answer to 3 decimal places, e.g., 5.125)*- **Weighted-average unit cost:** $[To be calculated]$**2. Ending Inventory Calculation**Calculate the ending inventory at May 31 using the FIFO, LIFO, and average-cost methods. *(Round answers to 0 decimal places, e.g., 125)*- **FIFO (First-In, First-Out):** $[To be calculated]$- **LIFO (Last-In, First-Out):** $[To be calculated]$- **Average-Cost:** $[To be calculated]$Submit your answer after calculations.

Current Attempt in Progress Riverbed Corp uses a periodic inventory system. Its records show the following for the month of May, in which 75 units were sold Date May 1 15 24 Explanation Units Unit Cost Inventory $8 Purchase Purchase Total 34 26 eTextbook and Media 40 100 Weighted-average unit cost $ 9 10 Total Cost $272 234 400 Calculate the weighted-average unit cost. (Round answer to 3 decimal places, e.g. 5.125.) $906 Calculate the ending inventory at May 31 using the FIFO, LIFO and average-cost methods. (Round answers to O decimal places, e.g.

Current Attempt in Progress Riverbed Corp uses a periodic inventory system. Its records show the following for the month of May, in which 75 units were sold Date May 1 15 24 Explanation Units Unit Cost Inventory $8 Purchase Purchase Total 34 26 eTextbook and Media 40 100 Weighted-average unit cost $ 9 10 Total Cost $272 234 400 Calculate the weighted-average unit cost. (Round answer to 3 decimal places, e.g. 5.125.) $906 Calculate the ending inventory at May 31 using the FIFO, LIFO and average-cost methods. (Round answers to O decimal places, e.g.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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