You are provided with the following information for Waterway Inc. for the month ended June 30, 2020. Waterway uses the periodicmethod for inventory.Unit Cost orDescriptionBeginning inventoryPurchaseDateQuantity42135Selling Price$41JuneJune446June10Sale1076767June11Sale returnPurchasePurchase return18June185249June182549JuneSale6272June28Purchase3253(a1)V Your aswer is correct.Calculate cost per unit. (Round answer to 2 decimal places, eg. 5.25.)Weighted-average cost per unit46 58eTextbook and MediaAttempts: 1 of 3 used(a2)V Your answer is correct.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 1250.25 and other answers to O decimal places e 1.250JLIFOFIFOAVERAGE-COSTThe ending inventory44825048%244751.16The cost of goods sold7302%246736%247033.58Gross profit312536913393.42eTextbook and MediaAssistance UsedeTextbookAttempts: 1 of 3 used(a3)Calculate gross profit rate under each of the following methods, (1) LIFO. (2) FIFO (3) Average cost. (Round answers to 1 decimalplace, eg. 51.2%)LIFOFIFOAVERAGE-COSTGross profit rate

Name: You are provided with the following information for Waterway Inc. for
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Description: You are provided with the following information for Waterway Inc. for the month ended June 30, 2020. Waterway uses the periodicmethod for inventory.Unit Cost orDescriptionBeginning inventoryPurchaseDateQuantity42135Selling Price$41JuneJune446June10S

The gross profit is calculated as excess of sales revenue over total cost.

Business

Accounting

You are provided with the following information for Waterway Inc. for the month ended June 30, 2020. Waterway uses the periodic method for inventory. NETT Unit Cost or Date Description Beginning inventory Purchase Quantity Selling Price $41 June 42 June 4 135 46 June 10 Sale 107 67 June 11 Sale return Purchase Purchase return 18 67 June 18 52 49 June 18 25 8. 49 June Sale 62 32 72 June 28 Purchase 53 (a1)

You are provided with the following information for Waterway Inc. for the month ended June 30, 2020. Waterway uses the periodic method for inventory. NETT Unit Cost or Date Description Beginning inventory Purchase Quantity Selling Price $41 June 42 June 4 135 46 June 10 Sale 107 67 June 11 Sale return Purchase Purchase return 18 67 June 18 52 49 June 18 25 8. 49 June Sale 62 32 72 June 28 Purchase 53 (a1)

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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Use data below to calculate the cost of ending inventory using the LIFO periodic inventory system method.January 1 Beginning Inventory 20 units at $20 eachJanuary 10 Purchase 24 units at $25 eachJanuary 31 Purchase 25 units at $28 eachOn January 31, ending Inventory consisted of 32 units. a. $750 b. $680 c. $700 d. $600
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UMET's Stores had the following inventory transactions in 2020: Transaction Units Cost per unit 1/1 Balance 50 $6 2/14 Sale 25 5/23 Purchase 100 8 8/21 Sale 50 11/5 Purchase 25 12 11/18 Sale 95 Required: Compute tge cost of goods sold and the ending inventory using the periodic inventory system for each of the following cost flow assumptions: a. FIFO b. LIFO c. Weighted average
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Determine the ending inventory using the periodic inventory system and the weighted average cost method (rounded to the nearest cent), assuming that 18 units were sold at a price of $14. Date Item Units Cost Total June 1 Beginning inventory 6 $5 $30 June 12 Purchase 10 6 60 June 18 Purchase 8 7 56 Totals 24 — $146
You have the following information for Bramble Inc. for the month ended June 30, 2022. Bramble uses a periodic inventory system. Date Description Quantity Unit Cost orSelling Price June 1 Beginning inventory 40 $31 June 4 Purchase 135 34 June 10 Sale 110 61 June 11 Sale return 15 61 June 18 Purchase 55 37 June 18 Purchase return 10 37 June 25 Sale 65 67 June 28 Purchase 35 41
Given the following information, determine the cost of the inventory at June 30 using the LIFO perpetual inventory method. Date June 1 June 15 June 29 Activities Beginning inventory Sale Purchase The cost of the ending inventory is: Units Acquired at Cost 15 units @ $29 = $435 8 units @ $34 = $272 Units Sold at Retail 6 units @ $59
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