Waterway Company had 130 units in beginning inventory at a total cost of $14,300. The company purchased 260 units at a total cost of $36,400. At the end of the year, Waterway had 60 units in ending inventory. Waterway Company uses a periodic inventory system. Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (Round average-cost per unit and final answers to O decimal places, eg. 1.250) The cost of the ending inventory The cost of goods sold $ Average-cost method $ FIFO Which cost flow method would result in the highest gross profit? LIFO Which cost flow method would result in inventories approximating current cost in the balance sheet? $ Average-cost
Waterway Company had 130 units in beginning inventory at a total cost of $14,300. The company purchased 260 units at a total cost of $36,400. At the end of the year, Waterway had 60 units in ending inventory. Waterway Company uses a periodic inventory system. Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (Round average-cost per unit and final answers to O decimal places, eg. 1.250) The cost of the ending inventory The cost of goods sold $ Average-cost method $ FIFO Which cost flow method would result in the highest gross profit? LIFO Which cost flow method would result in inventories approximating current cost in the balance sheet? $ Average-cost
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter13: Accounting For Merchandise Inventory
Section: Chapter Questions
Problem 1MP: Hurst Companys beginning inventory and purchases during the fiscal year ended December 31, 20-2,...
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Step 1: Introduce to FIFO, LIFO AND WEIGHTED AVERAGE METHOD
VIEWStep 2: Working for cost per unit and number of sales unit
VIEWStep 3: Working for cost of goods sold and ending inventory using FIFO
VIEWStep 4: Working for cost of goods sold and ending inventory using LIFO
VIEWStep 5: Working for cost of goods sold and ending inventory using average cost
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