Business, 25.03.2021 01:20 WonTonBagel

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 45A) Calculate the weighted-average cost. (Round answer to 3 decimal places, e. g. 5.125.)Weighted-average cost per unitB) 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.)

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Answer from: tassion3

Waterway Industries

A) The weighted-average cost is $28.527

B) Ending Inventory, cost of goods sold, gross profit:

(1) LIFO (2) FIFO (3) Average-cost

Ending Inventory: $2,660 $3,060 $2,853

Cost of goods sold: $7,895 $7,495 $7,702

Gross profit: $3,780 $4,180 $3,973

Explanation:

a) Data and Calculations:

Date Description Units Unit Cost Selling Price Total

Oct. 1 Beginning inventory 70 $26 $1,820

Oct. 9 Purchase 125 28 3,500

Oct. 11 Sale (95) 40 $3,800

Oct. 17 Purchase 95 29 2,755

Oct. 22 Sale (70) 45 3,150

Oct. 25 Purchase 80 31 2,480

Oct. 29 Sale (105) 45 4,725

Oct. 31 Ending inventory 100

Total: Goods available 370 $10,555

Goods sold 270 $11,675

Weighted-average cost = Cost of goods available/Units available

= $10,555/370 = $28.527 per unit

Periodic method:

LIFO:

Ending inventory:

Oct. 1 Beginning inventory 70 $26 $1,820

Oct. 9 Purchase 30 28 840

Total Ending inventory = 100 $2,660

Cost of goods sold = Cost of goods available - Ending inventory

= $10,555 - $2,660 = $7,895

Sales Revenue $11,675

Cost of goods sold 7,895

Gross profit $3,780

FIFO:

Ending inventory:

Oct. 17 Purchase 20 29 $580

Oct. 25 Purchase 80 31 2,480

Total Ending inventory = 100 $3,060

Cost of goods sold = Cost of goods available - Ending inventory

= $10,555 - $3,060 = $7,495

Sales Revenue $11,675

Cost of goods sold 7,495

Gross profit $4,180

Average-cost:

Ending Inventory = $2,853 ($28.527 * 100)

Cost of goods sold = Cost of goods available - Ending inventory

= $10,555 - $2,853 = $7,702

Sales Revenue $11,675

Cost of goods sold 7,702

Gross profit $3,973

Answer from: Quest

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Answer from: Quest

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