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 PriceOct. 1 Beginning inventory 70 $26Oct. 9 Purchase 125 28Oct. 11 Sale 95 40Oct. 17 Purchase 95 29Oct. 22 Sale 70 45Oct. 25 Purchase 80 31Oct. 29 Sale 105 45 Calculate the weighted-average cost. (Round answer to 3 decimal places, e.g. 5.125.)Weighted-average cost per unit $enter weighted-average cost per unit in dollars  Calculate ending inventory, cost of goods sold, gross profit under each of the following methods.(1) LIFO.(2) FIFO.(3) Average-cost. (Round answers to 0 decimal place, e.g. 125.)  LIFOFIFOAVERAGE-COSTThe ending inventory$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

Question
Asked Nov 8, 2019
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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

 

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 

 

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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Expert Answer

Step 1
  1. a) Calculate the weighted average cost per unit.
Average Cost Method
No. of
units
Cost per unit
(S)
(b)
Cost of goods available for
sale (S)
Particulars
(а)
(c) (a) (b)
Beginning Inventory Oct 1
1,820
70
Purchases:
3,500
Oct 9
125
28
Oct 17
95
29
2,755
Oct 25
80
31
2.480
Total
370
10.555
Cost of goods available for sale
Weighted average cost per unit
Number of uni ts
$10,555
370
$28.5
26
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Average Cost Method No. of units Cost per unit (S) (b) Cost of goods available for sale (S) Particulars (а) (c) (a) (b) Beginning Inventory Oct 1 1,820 70 Purchases: 3,500 Oct 9 125 28 Oct 17 95 29 2,755 Oct 25 80 31 2.480 Total 370 10.555 Cost of goods available for sale Weighted average cost per unit Number of uni ts $10,555 370 $28.5 26

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Step 2

Note: Calculate the total sales

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Step 3

b)

1) Calculate the cost of goods sold, gross profit and ending in...

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