Current Attempt in Progr You are provided with the following information for Waterway Inc. for the month ended June 30, 2020. Waterway uses the periodic method for inventory. Unit Cost or Date Description Quantity Selling Price June 1. Beginning inventory 42 $41 June 4 Purchase 135 46 June 10 Sale 107 67 June 11 Sale return 18 67 June 18 Purchase 52 49 June 18 Purchase return 8 49 June 25 Sale 62 72 June 28 Purchase 32 53 (a1) Your answer is correct. Calculate cost per unit. (Round answer to 2 decimal places, eg 5.25.) Weighted-average cost per unit %24 46.58 eTextbook and Media Attempts: 1 of 3 used (a2) Calculate ending inventory, cost of goods sold, gross profit under each of the following methods. (1) LIFO. (2) FIFO. (3) Average- cost. (Round average-cost method answers to 2 decimal places, eg. 1,250.25 and other answers to 0 decimal places, eg 1.250) LIFO FIFO AVERAGE-COST The ending Inventory 24 The cost of goods sold Gross profit %24 %24

Current Attempt in Progr You are provided with the following information for Waterway Inc. for the month ended June 30, 2020. Waterway uses the periodic method for inventory. Unit Cost or Date Description Quantity Selling Price June 1. Beginning inventory 42 $41 June 4 Purchase 135 46 June 10 Sale 107 67 June 11 Sale return 18 67 June 18 Purchase 52 49 June 18 Purchase return 8 49 June 25 Sale 62 72 June 28 Purchase 32 53 (a1) Your answer is correct. Calculate cost per unit. (Round answer to 2 decimal places, eg 5.25.) Weighted-average cost per unit %24 46.58 eTextbook and Media Attempts: 1 of 3 used (a2) Calculate ending inventory, cost of goods sold, gross profit under each of the following methods. (1) LIFO. (2) FIFO. (3) Average- cost. (Round average-cost method answers to 2 decimal places, eg. 1,250.25 and other answers to 0 decimal places, eg 1.250) LIFO FIFO AVERAGE-COST The ending Inventory 24 The cost of goods sold Gross profit %24 %24

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Description: Show Attempt HistoryCurrent Attempt in ProgressYou are provided with the following information for Waterway Inc. for the month ended June 30,2020. Waterway uses the periodicmethod for inventory.Unit Cost orDateDescriptionQuantitySelling PriceJuneBeg

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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