Waterway Inc. is a retailer operating in British Columbia. Waterway uses the perpetual inventory system. All...

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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. Unit Cost or Date Description Quantity Selling Price January 1 Beginning inventory 100 $21 January 5 Purchase 148 January 8 Sale 114 January 10 Sale return January 15 Purchase January 16 Purchase return January 20 Sale January 25 Purchase 25522 10 94 26 * 8 8 % 24 36 36 26 26 (a1) (a2) Your answer is partially correct. 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 Cost of goods 4852 $ $ sold Ending $ 2828 $ $ inventory Gross $ 2746 $ $ profit Moving-average 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. Unit Cost or Date Description Quantity Selling Price January 1 Beginning inventory 100 $21 January 5 Purchase 148 January 8 Sale 114 January 10 Sale return January 15 Purchase January 16 Purchase return January 20 Sale January 25 Purchase 25522 10 94 26 * 8 8 % 24 36 36 26 26 (a1) (a2) Your answer is partially correct. 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 Cost of goods 4852 $ $ sold Ending $ 2828 $ $ inventory Gross $ 2746 $ $ profit Moving-average

Answer rating: 100% (QA)

To solve this problem we need to calculate the cost of goods sold COGS ending inventory and gross pr... View the full answer