Reference no: EM132601979

Riverbed Limited uses a periodic inventory system. On June 24, the company sold 645 units. The following additional information is available:

                                            unit                 unit cost                  total cost

June 1 inventory             215                   $10                    $2,150

June 15 purchase            430                    15                     6,450

June 23 purchase            430                     18                    7,740

                                    1,075                                         $16,340

Question 1: Calculate the June 30 inventory and the June cost of goods sold, using the weighted average cost formula. (Round weighted average cost per unit to 2 decimal places, e.g. 5.27 and final answers to 0 decimal places, e.g. 5,275.)

1. Ending inventory
2. Cost of goods sold

Question 2: Calculate the June 30 inventory and the June cost of goods sold, using the FIFO formula.

1. Ending inventory
2. Cost of goods sold