In a reconfigurable intelligent surface (RIS) aided communication network, a RIS equipped with multiple passive reflecting elements assists in extending the coverage of wireless networks by overcoming the effects of non-line-of-sight propagation. Accordingly, to present the case for utilizing RIS panels in future consumer internet of things (IoT) networks, in this paper, we focus on a RIS-aided IoT network operating in in-band full-duplex (IBFD) mode. Since all the IoT node pairs communicate simultaneously through individual IBFD links at the same time-frequency resources, the nodes suffer from strong self-interference (SI) and inter-node interference. Consequently, in this paper, we investigate a joint active and passive beamforming design at each IoT node and the RIS, respectively, by minimizing the total transmission power of the network, subject to a minimum rate constraint for each IoT node and a constraint that guarantees a unit modulus phase shift at the RIS. As the original joint active and passive beamforming design problem is non-convex and intractable, we decompose the problem into two sub-problems. For a given passive beamformer design, we solve the original problem to obtain the optimal beamforming vectors at each IoT node. Next, for the obtained active beamformer, we propose two algorithms based on i) gradient descent (GD) search and ii) Riemannian conjugate gradient (RCG) to obtain the optimal passive beamformer at the RIS. Through extensive numerical analysis, we verify the effectiveness of the proposed algorithms and also show the effects of using RIS and transmitting in IBFD mode on the average rate and power of the considered consumer IoT network. We investigate the impact of several system parameters such as RIS elements, node pairs, level of hardware impairments at the transmitter and receiver, etc. We also highlight the trade-off between performance improvement and complexity due to elements used at RIS.