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You are provided with the following information for Waterway Inc. for the month ended June 30, 2020. Waterway uses the periodic method for inventory. NETT Unit Cost or Date Description Beginning inventory Purchase Quantity Selling Price $41 June 42 June 4 135 46 June 10 Sale 107 67 June 11 Sale return Purchase Purchase return 18 67 June 18 52 49 June 18 25 8. 49 June Sale 62 32 72 June 28 Purchase 53 (a1)

You are provided with the following information for Waterway Inc. for the month ended June 30, 2020. Waterway uses the periodic method for inventory. NETT Unit Cost or Date Description Beginning inventory Purchase Quantity Selling Price $41 June 42 June 4 135 46 June 10 Sale 107 67 June 11 Sale return Purchase Purchase return 18 67 June 18 52 49 June 18 25 8. 49 June Sale 62 32 72 June 28 Purchase 53 (a1)

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter8: Inventories: Special Valuation Issues
Section: Chapter Questions
Problem 6P: Retail Inventory Method Turner Corporation uses the retail inventory method. The following...
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You are provided with the following information for Waterway Inc. for the month ended June 30, 2020. Waterway uses the periodic method for inventory. Unit Cost or Description Beginning inventory Purchase Date Quantity 42 135 Selling Price $41 June June 4 46 June 10 Sale 107 67 67 June 11 Sale return Purchase Purchase return 18 June 18 52 49 June 18 25 49 June Sale 62 72 June 28 Purchase 32 53 (a1) V Your aswer is correct. Calculate cost per unit. (Round answer to 2 decimal places, eg. 5.25.) Weighted-average cost per unit 46 58 eTextbook and Media Attempts: 1 of 3 used (a2) V Your answer is correct. Calculate ending inventory, cost of goods sold, gross profit under each of the following methods.(1) LIFO. (2) FIFO. (3) Average- cost. (Round average-cost method answers to 2 decimal places, eg 1250.25 and other answers to O decimal places e 1.250J LIFO FIFO AVERAGE-COST The ending inventory 4482 5048 %24 4751.16 The cost of goods sold 7302 %24 6736 %24 7033.58 Gross profit 3125 3691 3393.42 eTextbook and Media Assistance Used eTextbook Attempts: 1 of 3 used (a3) Calculate gross profit rate under each of the following methods, (1) LIFO. (2) FIFO (3) Average cost. (Round answers to 1 decimal place, eg. 51.2%) LIFO FIFO AVERAGE-COST Gross profit rate
Transcribed Image Text:You are provided with the following information for Waterway Inc. for the month ended June 30, 2020. Waterway uses the periodic method for inventory. Unit Cost or Description Beginning inventory Purchase Date Quantity 42 135 Selling Price $41 June June 4 46 June 10 Sale 107 67 67 June 11 Sale return Purchase Purchase return 18 June 18 52 49 June 18 25 49 June Sale 62 72 June 28 Purchase 32 53 (a1) V Your aswer is correct. Calculate cost per unit. (Round answer to 2 decimal places, eg. 5.25.) Weighted-average cost per unit 46 58 eTextbook and Media Attempts: 1 of 3 used (a2) V Your answer is correct. Calculate ending inventory, cost of goods sold, gross profit under each of the following methods.(1) LIFO. (2) FIFO. (3) Average- cost. (Round average-cost method answers to 2 decimal places, eg 1250.25 and other answers to O decimal places e 1.250J LIFO FIFO AVERAGE-COST The ending inventory 4482 5048 %24 4751.16 The cost of goods sold 7302 %24 6736 %24 7033.58 Gross profit 3125 3691 3393.42 eTextbook and Media Assistance Used eTextbook Attempts: 1 of 3 used (a3) Calculate gross profit rate under each of the following methods, (1) LIFO. (2) FIFO (3) Average cost. (Round answers to 1 decimal place, eg. 51.2%) LIFO FIFO AVERAGE-COST Gross profit rate
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