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Waterway Industries is a retailer operating in Calgary, Alberta. Waterway uses the perpetual inventory method. Assume that there are no credit transactions; all amounts are
Waterway Industries is a retailer operating in Calgary, Alberta. Waterway uses the perpetual inventory method. Assume that there are no credit transactions; all amounts are settled in cash. You are provided with the following information for Waterway for the month of January 2022. Date Description Ending inventory Purchase Quantity 150 Unit Cost or Selling Price $22 Dec. 31 Jan. 2 100 23 Jan. 6 Sale 180 41 Purchase 70 24 Jan. 9 Jan. 10 Sale 50 42 Jan. 23 Purchase 90 25 Jan. 30 Sale 130 46 For each of the following cost flow assumptions, calculate (i) cost of goods sold, (ii) ending inventory, and (iii) gross profit. (Round answers to O decimal places, e.g. 125.) (1) (2) (3) LIFO. FIFO. Moving-average. LIFO FIFO Moving-average Cost of goods sold $ $ Ending inventory Gross profit $ $
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