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roblem 8-06 Waterway Company is a multiproduct firm. Presented below is information concerning one of its products, the Hawkeye. Date Transaction 1/1 Beginning inventory 2,900 Quantity Price/Cost $18 2/4 Purchase 3,900 26 2/20 Sale 4,400 44 4/2 Purchase 4,900 34 11/4 Sale 4,100 48

roblem 8-06 Waterway Company is a multiproduct firm. Presented below is information concerning one of its products, the Hawkeye. Date Transaction 1/1 Beginning inventory 2,900 Quantity Price/Cost $18 2/4 Purchase 3,900 26 2/20 Sale 4,400 44 4/2 Purchase 4,900 34 11/4 Sale 4,100 48

FINANCIAL ACCOUNTING
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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**Problem 8-06** Waterway Company is a multiproduct firm. Presented below is information concerning one of its products, the Hawkeye. | Date | Transaction | Quantity | Price/Cost | |-------|--------------------|----------|------------| | 1/1 | Beginning inventory| 2,900 | $18 | | 2/4 | Purchase | 3,900 | $26 | | 2/20 | Sale | 4,400 | $44 | | 4/2 | Purchase | 4,900 | $34 | | 11/4 | Sale | 4,100 | $48 | - **Your answer is correct.** Calculate average-cost per unit. *(Round answer to 4 decimal places, e.g. 2.7613.)* **Average-cost per unit** - $27.3675 **Options:** - [Show Solution] - [Link to Text]
Transcribed Image Text:**Problem 8-06** Waterway Company is a multiproduct firm. Presented below is information concerning one of its products, the Hawkeye. | Date | Transaction | Quantity | Price/Cost | |-------|--------------------|----------|------------| | 1/1 | Beginning inventory| 2,900 | $18 | | 2/4 | Purchase | 3,900 | $26 | | 2/20 | Sale | 4,400 | $44 | | 4/2 | Purchase | 4,900 | $34 | | 11/4 | Sale | 4,100 | $48 | - **Your answer is correct.** Calculate average-cost per unit. *(Round answer to 4 decimal places, e.g. 2.7613.)* **Average-cost per unit** - $27.3675 **Options:** - [Show Solution] - [Link to Text]
The image shows a question asking to compute the cost of goods sold (COGS) under different inventory cost flow assumptions, assuming a company named Waterway uses various methods. The instructions specify rounding: "Round average cost per unit to 4 decimal places, e.g., 2.7631, and final answers to 0 decimal places, e.g., 6,548." The table lists the methods for computing COGS with their respective answers: 1. **Periodic system, FIFO (First-In, First-Out) cost flow**: $211,400 2. **Perpetual system, FIFO cost flow**: $211,400 3. **Periodic system, LIFO (Last-In, First-Out) cost flow**: $260,200 4. **Perpetual system, LIFO cost flow**: $249,800 5. **Periodic system, weighted-average cost flow**: $232,623.932 6. **Perpetual system, moving-average cost flow**: The box is empty with an "X," indicating no answer was provided. There is a prompt at the bottom: "Click if you would like to Show Work for this question: Open Show Work," suggesting an option to view detailed calculations. A note at the top indicates that the answer is "partially correct" and prompts "Try again," implying that not all answers provided were correct.
Transcribed Image Text:The image shows a question asking to compute the cost of goods sold (COGS) under different inventory cost flow assumptions, assuming a company named Waterway uses various methods. The instructions specify rounding: "Round average cost per unit to 4 decimal places, e.g., 2.7631, and final answers to 0 decimal places, e.g., 6,548." The table lists the methods for computing COGS with their respective answers: 1. **Periodic system, FIFO (First-In, First-Out) cost flow**: $211,400 2. **Perpetual system, FIFO cost flow**: $211,400 3. **Periodic system, LIFO (Last-In, First-Out) cost flow**: $260,200 4. **Perpetual system, LIFO cost flow**: $249,800 5. **Periodic system, weighted-average cost flow**: $232,623.932 6. **Perpetual system, moving-average cost flow**: The box is empty with an "X," indicating no answer was provided. There is a prompt at the bottom: "Click if you would like to Show Work for this question: Open Show Work," suggesting an option to view detailed calculations. A note at the top indicates that the answer is "partially correct" and prompts "Try again," implying that not all answers provided were correct.
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