Waterway Company had a beginning inventory on January 1 of 180 units of Product 4-18-15 at a cost of $20 per unit. During the year, purchases were as follows. Mar. 15 July 20 450 units 320 units at $23 $25 at Sept. 4 Dec. 2 350 units 100 units at $27 at $29 Waterway Company uses a periodic inventory system. Sales totaled 1,180 units.

Waterway Company had a beginning inventory on January 1 of 180 units of Product 4-18-15 at a cost of $20 per unit. During the year, purchases were as follows. Mar. 15 July 20 450 units 320 units at $23 $25 at Sept. 4 Dec. 2 350 units 100 units at $27 at $29 Waterway Company uses a periodic inventory system. Sales totaled 1,180 units.

Name: Determine the ending inventory and the cost of goods sold under each
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Description: Determine the ending inventory and the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO, andaverage-cost). (Round answers to O decimal places, e.g. 1,250.)The ending inventoryThe cost of goods soldtA$tA$FIFO$LA$LALIFOLALAAV

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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