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 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 $ $ $ *** JUST SHOW ME HOW TO DO AVERAGE COST****
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 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 $ $ $ *** JUST SHOW ME HOW TO DO AVERAGE COST****
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
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 |
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
|
$ | $ | $ |
*** JUST SHOW ME HOW TO DO AVERAGE COST****
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