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****

Q: You have the following information for Marigold Corp. for the month ended October 31, 2022. Marigold…

A: Periodic inventory system is updated at the end of the period to adjust inventory numbers to match…

Q: Hamilton Company uses a periodic inventory system. At the end of the annual accounting period,…

A: Inventory valuation method includes: FIFO method LIFO method Weighted average cost method FIFO…

Q: The following data has been provided by Lee Company regarding its inventory purchases and sales…

A: FIFO: The first-in, first-out (FIFO) method is a widely used inventory valuation method that assumes…

Q: Uki Company had the following transactions for inventory during 2020:   Units Unit Cost Unit…

A:

Q: You are provided with the following information for Novak Inc. for the month ended June 30, 2020.…

A: Calculate the total purchase quantity and value as follows: The total purchase quantity is 256 and…

Q: You are provided with the following information for Lily Inc. for the month ended June 30, 2022.…

A: LIFO represents the calculation of ending inventory with the assumption that the inventory purchased…

Q: You have the following information for Metlock, Inc. for the month ended October 31, 2022. Metlock…

A: Inventory Valuation Methods - Inventory valuation involve FIFO Method, LIFO Method and Average Cost…

Q: The following inventory data are available for the company: Transactions…

A: Under FIFO method, the ending inventory consists of the most recent inventory purchased. The first…

Q: You are provided with the following information for Concord Inc. for the month ended June 30, 2020.…

A: The inventory can be valued using various methods: 1. FIFO 2. LIFO 3. Weighted average method

Q: From the following, calculate the cost of ending inventory and cost of goods sold for the…

A: Ending inventory refers to value of goods readily available for sale and held by company at end of…

Q: Coulter Company uses the LIFO inventory method under theperiodic inventory system. The following…

A: In this numerical has covered the concept of LIFO under Periodic Inventory System for valuing the…

Q: You have the following information for Waterway Industries for the month ended October 31, 2022.…

A: "LIFO" stands for last-in, first-out, meaning that the recently purchased inventory items are…

Q: You have the following information for Larkspur Inc. for the month ended October 31, 2022. Larkspur…

A: Weighted Average cost = (63*23) + (117*25) + (104*26) + (67*28) / (63 + 117 + 104 + 67) Weighted…

Q: You have the following information for Bramble Inc for the month ended October 31, 2022. Bramble…

A: The inventory valuation method used to evaluate the closing inventory and cost of goods sold on the…

Q: The following is the information for ABC Corporation for the inventory transactions. The company…

A: 1. FIFO Method - Under FIFO Method, Inventory purchased first is sold first.

Q: From the following, calculate the cost of ending inventory and cost of goods sold for the LIFO…

A: LIFO is last in first out method for inventory valuation, which says that inventory purchased at…

Q: Muscat Company uses the periodic inventory system to account for inventories. Information related to…

A: Units sold=Opening units+Purchase-Ending units=200+100+100-120=280 units

Q: From the following, calculate the cost of ending inventory and cost of goods sold for the FIFO…

A: Introduction: FIFO: FIFO stands for First in First out which means first received inventory to be…

Q: ABC Corporation has the following inventory information for March, 2019. On March 31, ABC has 2,800…

A: Under the FIFO method, initial purchases are sold first so the ending inventory includes the…

Q: uly 1               150 units              $5.20                 $  780 July 10             200…

A: Inventory may be : Opening Inventory  Closing Inventory  Number of units sold = Number of units…

Q: Barton Company began business on July 1, 2022 and made the following four inventory purchases in…

A: Cost of goods sold is the amount of cost incurred on the making of the goods sold. In other words,…

Q: Particulars Beginning inventory Date Units Unit Cost/Price January 1 50 Tk. 10 March 1 Purchase 30…

A: DATE PARTICULARS UNITS Unit cost per price Total cost Jan 1 Beginning inventory 50 10 500 March…

Q: Fischer, Inc. had the following inventory in fiscal 2019. The company uses the average cost method…

A: Average cost per unit = ((100 x $10) + (200 x $12))/ 300 units = $3,400 / 300 units = $11.3333

Q: You are provided with the following information for Concord Inc. for the month ended June 30, 2020.…

A: SOLUTION-                                   COST OF GOODS AVAILABLE FOR SALE      DATE…

Q: The following is the information for ABC Corporation for the inventory transactions The company sold…

A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…

Q: .The following data pertain to Cross Company (assume a perpetual inventory system) for the month…

A: FIFO stands for First in first out. Using FIFO method, older units are sold first and newer units…

Q: You have the following information for Van Gogh Inc. for the month ended October 31, 2022. Van Gogh…

A: Inventory valuation is based on the flow of exemption used by the company. There are many methods…

Q: [The following information applies to the questions displayed below.] The following are the…

A: a. FIFO (Periodic) Units Cost per unit Total Beginning inventory 41 $10 $410 Purchases…

Q: You have the following information for Coronado Inc. for the month ended June 30, 2022. Coronado…

A: Sales Transactions   Date   Units  Price  Sales Value (units x price) 10-Jun Sales 110 53 5830…

Q: Givens Company uses a periodic inventory system.Its records show the following for the month of…

A: The Numerical has covered the concept of First in First out method and Weighted Average Method of…

Q: You are provided with the following information for Concord Inc. for the month ended June 30, 2020.…

A: 1.  Calculation of cost of goods sold under FIFO Method  :  Date  Number of units  sold / sales…

Q: Kiddie World uses a periodic inventory system and the retail inventory method to estimate ending…

A: Cost to retail methods  is  simple method . This help them to find relationship between cost of…

Q: From the following, calculate the cost of ending inventory and cost of goods sold for the FIFO…

A: FIFO (First-In-First-Out) is a way of inventory valuation wherein the goods which are purchased…

Q: You have the following information for Waterway Industries for the month ended October 31, 2022.…

A: a) Calculate the weighted average cost per unit.

Q: Consider the following information for Maynor Company, which uses a periodic Inventory system:…

A: Inventory Valuation - Every company chooses a specific inventory valuation method for their…

Q: The inventory records of Kuffel Co. reflected the following information for the year ended December…

A: The inventory can be valued using various methods as LIFO, FIFO and average method. FIFO stands for…

Q: Heiner Company began business on July 1, 2022 and made the following four inventory purchases in…

A: Introduction:- LIFO means Last-in-first-out It is one of the inventory valuation method. As per…

Q: You are provided with the following information for Koetteritz Inc. for the month  ended June 30,…

A: Here in this question, we are required to calculate inventory under periodic inventory system. In…

Q: The following are the transactions for the month of July.       Units Unit Cost Unit Selling…

A: The Store ledger has been made based on FIFO periodic methos as above.

Q: Hamilton Company uses a periodic inventory system. At the end of the annual accounting period,…

A: Inventory is one of the important current asset of the business. There are several methods used for…

Q: Vermont Resources, which uses the FIFO inventory costing method, has the following account balances…

A: Introduction: When a corporation makes sales using the FIFO technique, the oldest inventory or stock…

Q: You have the following information for Metlock, Inc. for the month ended October 31, 2022. Metlock…

A: Weighted average cost per unit= Total purchase and begcost/ Total purchased and beg unit

Q: ABBA uses the weighted average inventory cost flow assumption under the perpetual inventory system.…

A: Journal entry - It refers to the process where the business transactions are recorded in the books…

Q: You are provided with the following information for Waterway Inc. for the month ended June 30, 2020.…

A: The gross profit is calculated as excess of sales revenue over total cost.

Q: You have the following information for Bramble Inc. for the month ended June 30, 2022. Bramble uses…

A: a1. Computation of cost of goods available for sale. Cost of goods available sale $8930 No. of units…

Q: for inventory. Date   Description   Units   Unit Cost or Selling Price Oct. 1   Beginning…

A: Ans. *Calculations for Average cost per unit:                     Available for sale…

Q: The following data are available for Sellco for the fiscal year ended on January 31, 2020: Sales 800…

A: Inventory valuation is based on the flow of inventory used by the organization. There are several…

Q: You are provided with the following information for Lily Inc. for the month ended June 30, 2022.…

A: Periodic inventory system: Under this inventory system, the records of inventory are only updated at…

Q: During January 2019, Marta Company, which maintains a perpetual inventory system, recorded the…

A: Cost of sales =Beginning inventory +Purchases -Ending inventory