Waterway Inc. is a retailer operating in British Columbia. Waterway uses the perpetual inventory system. All sales returns from customers result in the goods being returned to inventory; the inventory is not damaged. Assume that there are no credit transactions; all amounts are settled in cash. You are provided with the following information for Waterway Inc. for the month of January 2022. Date Description Quantity Unit Cost or Selling Price January 1 Beginning inventory 100 $21 January 5 Purchase 148 24 January 8 Sale 114 36 January 10 Sale return 10 36 January 15 Purchase 55 26 January 16 Purchase return 5 26 January 20 Sale 94 41 January 25 Purchase 26 28 Calculate the Moving-average cost per unit at January 1, 5, 8, 10, 15, 16, 20, & 25For each of the following cost flow assumptions, calculate cost of goods sold, ending inventory, and gross profit. (1) LIFO. (2) FIFO. (3) Moving-average cost. (Round average-cost per unit to 3 decimal places, e.g. 12.502 and final answer to 0 decimal places, e.g. 1,250.) LIFO FIFO Moving-average Cost of goods sold $enter a dollar amount $enter a dollar amount $enter a dollar amount Ending inventory $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

Waterway Inc. is a retailer operating in British Columbia. Waterway uses the perpetual inventory system. All sales returns from customers result in the goods being returned to inventory; the inventory...

Waterway Inc. is a retailer operating in British Columbia. Waterway uses the perpetual inventory system. All sales returns from customers result in the goods being returned to inventory; the inventory is not damaged. Assume that there are no credit transactions; all amounts are settled in cash. You are provided with the following information for Waterway Inc. for the month of January 2022.

Date		Description		Quantity		Unit Cost or Selling Price
January	1		Beginning inventory		100		$21
January	5		Purchase		148		24
January	8		Sale		114		36
January	10		Sale return		10		36
January	15		Purchase		55		26
January	16		Purchase return		5		26
January	20		Sale		94		41
January	25		Purchase		26		28

Calculate the Moving-average cost per unit at January 1, 5, 8, 10, 15, 16, 20, & 25

For each of the following cost flow assumptions, calculate cost of goods sold, ending inventory, and gross profit. (1) LIFO. (2) FIFO. (3) Moving-average cost.
(Round average-cost per unit to 3 decimal places, e.g. 12.502 and final answer to 0 decimal places, e.g. 1,250.)

	LIFO	FIFO	Moving-average
Cost of goods sold	$enter a dollar amount	$enter a dollar amount	$enter a dollar amount
Ending inventory	$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

Jun 10, 2022

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