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Waterway Company had a beginning inventory on January 1 of 180 units of Product 4-18-15 at a cost of $20 per unit. During the year, purchases were as follows. Mar. 15 July 20 450 units 320 units at $23 $25 at Sept. 4 Dec. 2 350 units 100 units at $27 at $29 Waterway Company uses a periodic inventory system. Sales totaled 1,180 units.

Waterway Company had a beginning inventory on January 1 of 180 units of Product 4-18-15 at a cost of $20 per unit. During the year, purchases were as follows. Mar. 15 July 20 450 units 320 units at $23 $25 at Sept. 4 Dec. 2 350 units 100 units at $27 at $29 Waterway Company uses a periodic inventory system. Sales totaled 1,180 units.

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 3RE: Reid Company uses the periodic inventory system. On January 1, it had an inventory balance of...
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Determine the ending inventory and the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO, and average-cost). (Round answers to O decimal places, e.g. 1,250.) The ending inventory The cost of goods sold tA $ tA $ FIFO $ LA $ LA LIFO LA LA AVERAGE-COST
Transcribed Image Text:Determine the ending inventory and the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO, and average-cost). (Round answers to O decimal places, e.g. 1,250.) The ending inventory The cost of goods sold tA $ tA $ FIFO $ LA $ LA LIFO LA LA AVERAGE-COST
Waterway Company had a beginning inventory on January 1 of 180 units of Product 4-18-15 at a cost of $20 per unit. During the year, purchases were as follows. Mar. 15 July 20 450 units 320 units at $23 at $25 Sept. 4 Dec. 2 350 units at $27 100 units at $29 Waterway Company uses a periodic inventory system. Sales totaled 1,180 units.
Transcribed Image Text:Waterway Company had a beginning inventory on January 1 of 180 units of Product 4-18-15 at a cost of $20 per unit. During the year, purchases were as follows. Mar. 15 July 20 450 units 320 units at $23 at $25 Sept. 4 Dec. 2 350 units at $27 100 units at $29 Waterway Company uses a periodic inventory system. Sales totaled 1,180 units.
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