You have the following information for Waterway Industries for the month ended October 31, 2022. Waterway uses a periodic method for inventory.Date Description Units Unit Cost or Selling PriceOct. 1 Beginning inventory 70 $26Oct. 9 Purchase 125 28Oct. 11 Sale 95 40Oct. 17 Purchase 95 29Oct. 22 Sale 70 45Oct. 25 Purchase 80 31Oct. 29 Sale 105 45 A) Calculate the weighted-average cost. (Round answer to 3 decimal places, e.g. 5.125.)Weighted-average cost per unit _______________________________ B) Calculate ending inventory, cost of goods sold, gross profit under each of the following methods.(1) LIFO.(2) FIFO.(3) Average-cost. (Round answers to 0 decimal place, e.g. 125.) LIFO FIFO AVERAGE-COSTThe ending inventory $ $ $The cost of goods sold $ $ $Gross profit $ $ $

Name: You have the following information for Waterway Industries for the mon
Uploaded: 2024-03-20T06:32:37.000Z
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Description: You have the following information for Waterway Industries for the month ended October 31, 2022. Waterway uses a periodic method for inventory.Date Description Units Unit Cost or Selling PriceOct. 1 Beginning inventory 70 $26Oct. 9 Purchase 125 28Oct

"LIFO" stands for last-in, first-out, meaning that the recently purchased inventory items are…

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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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You have the following information for Waterway Industries for the month ended October 31, 2022. Waterway uses a periodic method for inventory.

Date	Description	Units	Unit Cost or Selling Price
Oct. 1	Beginning inventory	70	$26
Oct. 9	Purchase	125	28
Oct. 11	Sale	95	40
Oct. 17	Purchase	95	29
Oct. 22	Sale	70	45
Oct. 25	Purchase	80	31
Oct. 29	Sale	105	45

A) Calculate the weighted-average cost. (Round answer to 3 decimal places, e.g. 5.125.)

Weighted-average cost per unit

_______________________________

B) Calculate ending inventory, cost of goods sold, gross profit under each of the following methods.

(1) LIFO.
(2) FIFO.
(3) Average-cost. (Round answers to 0 decimal place, e.g. 125.)

	LIFO	FIFO	AVERAGE-COST
The ending inventory	$	$	$
The cost of goods sold	$	$	$
Gross profit	$	$	$

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