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Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 50E: Inventory Costing Methods Crandall Distributors uses a perpetual inventory system and has the...

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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

a1.

Calculate the weighted-average cost. (Round answer to 3 decimal places, e.g. 5.125.)

Weighted-average cost per unit

$enter weighted-average cost per unit in dollars

(a2)

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	$enter a dollar amount	$enter a dollar amount	$enter a dollar amount
The cost of goods sold	$enter a dollar amount	$enter a dollar amount	$enter a dollar amount
Gross profit	$enter a dollar amount	$enter a dollar amount	$enter a dollar amount

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