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 New attempt is in progress. Some of the new entries may impact the last attempt grading.Your answer is incorrect. Calculate the weighted-average cost. (Round answer to 3 decimal places, e.g. 5.125.) Weighted-average cost per unit $enter weighted-average cost per unit in dollars eTextbook and Media List of Accounts New attempt is in progress. Some of the new entries may impact the last attempt grading.Your answer is partially correct. 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 $enter a dollar amount $enter a dollar amount $enter a dollar amount The cost of goods sold $enter a dollar amount $enter a dollar amount $enter a dollar amount Gross profit $enter a dollar amount $enter a dollar amount $enter a dollar amount

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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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

eTextbook and Media

List of Accounts

New attempt is in progress. Some of the new entries may impact the last attempt grading.Your answer is partially correct.

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	$enter a dollar amount	$enter a dollar amount	$enter a dollar amount
The cost of goods sold	$enter a dollar amount	$enter a dollar amount	$enter a dollar amount
Gross profit	$enter a dollar amount	$enter a dollar amount	$enter a dollar amount

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