Riverbed Ltd. uses the perpetual inventory system and reports the following inventory transactions for the...
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Accounting
Riverbed Ltd. uses the perpetual inventory system and reports the following inventory transactions for the month of June: Date Explanation Units Unit Cost/Price Total Cost June 1 Beginning inventory 1,350 $5 $6,750 12 Purchases 2,380 6 14,280 15 Sale (2,320) 12 16 Purchases 4,390 7 30,730 23 Purchases 1,350 8 10,800 27 Sales (5,700) 15 Calculate the gross profit for the month of June using (1) FIFO and (2) average cost. (Round average final answers to 2 decimal plac eg. 1.25. Do not round intermediate calculations.) FIFO Average Cost Gross profit $ $
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