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.)Cost of goods sold $Ending inventoryGross profit$$LIFO$$$FIFO$$$Moving-average Waterway Inc. is a retailer operating in British Columbia. Waterway uses the perpetual inventory system. All sales returns fromcustomers result in the goods being returned to inventory; the inventory is not damaged. Assume that there are no credittransactions; all amounts are settled in cash. You are provided with the following information for Waterway Inc. for the month ofJanuary 2022.DateJanuary 1January 5January 8January 10January 15January 16January 20January 25(a1)January 1January 5January 8January 10January 15January 16January 20DescriptionJanuary 25Beginning inventoryPurchaseSaleSale returnPurchasePurchase returnSalePurchase$$$$$$Quantity100$139Calculate the Moving-average cost per unit at January 1, 5, 8, 10, 15, 16, 20, & 25. (Round moving-average cost per unit answers to 3decimal places, eg. 5.251.)Moving-Average Cost per unit$111105558818Unit Cost or Selling Price$1316272718183120

The term "first in first out" (FIFO) refers to the assumption that the inventory that was bought…

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.) Cost of goods sold $ Ending inventory Gross profit $ $ LIFO $ $ $ FIFO $ $ $ tA Moving-average

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.) Cost of goods sold $ Ending inventory Gross profit $ $ LIFO $ $ $ FIFO $ $ $ tA Moving-average

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter7: Accounting Information Systems

Section: Chapter Questions

Problem 10MC: The company just took a physical count of inventory and found $75 worth of inventory was unaccounted...

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