Waterway Inc. is a retailer operating in British Columbia. Waterway uses the perpetual inventory system. All sales returns fromcustomers result in the goods being returned to inventory: the Inventory is not damaged. Assume that there are no credittransactions; all amounts are settled in cash. You are provided with the following information for Waterway Inc. for the month ofJanuary 2022.DateJanuary 1January 5January 8 SaleJanuary 10January 15January 16January 20January 25(a1)January 1January 5January 8January 10January 15January 16DescriptionJanuary 20January 25Beginning inventoryPurchaseSale returnPurchasePurchase returnSalePurchase$$$$$$$QuantityCalculate the Moving-average cost per unit at January 1, 5, 8, 10, 15, 16, 20, & 25. (Round moving average cost per unit answers to 3decimal places, eg. 5.251.)Moving-Average Cost per unit$100eTextbook and Media139111105558818Unit Cost or Selling Price$1316272718183120 For each of the following cost flow assumptions, calculate cost of goods sold, ending inventory, and gross profit. (1) LIFO. (2) FIFO.(3) Moving-average cost. (Round average-cost per unit to 3 decimal places, e.g. 12.502 and final answer to 0 decimal places, e.g. 1,250.)Cost of goods sold $Ending inventoryGross profit$$LIFO$$$FIFO$$$Moving-average

Name: Waterway Inc. is a retailer operating in British Columbia. Waterway u
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Description: Waterway Inc. is a retailer operating in British Columbia. Waterway uses the perpetual inventory system. All sales returns fromcustomers result in the goods being returned to inventory: the Inventory is not damaged. Assume that there are no credittr

First in, first out, or FIFO, is a system that relies on the premise that inventory will be sold in…

Business

Accounting

Waterway Inc. is a retailer operating in British Columbia. Waterway uses the perpetual inventory system. All sales returns from customers result in the goods being returned to inventory; the Inventory is not damaged. Assume that there are no credit transactions; all amounts are settled in cash. You are provided with the following information for Waterway Inc. for the month of January 2022. Date January 1 January 5 January 8 January 10 January 15 January 16 January 20 January 25 (a1) January 1 January 5 January 8 January 10 January 15 January 16 January 20 Description January 25 Beginning inventory Purchase 7 Sale Sale return Purchase Purchase return Sale Purchase $ $ $ $ $ $ Quantity $ 100 Moving-Average Cost per unit $ 139 Calculate the Moving-average cost per unit at January 1, 5, 8, 10, 15, 16, 20, & 25. (Round moving average cost per unit answers to 3 decimal places, eg. 5.251.) 111 10 55 5 88 18 Unit Cost or Selling Price $13 16 27 27 18 18 31 20

Waterway Inc. is a retailer operating in British Columbia. Waterway uses the perpetual inventory system. All sales returns from customers result in the goods being returned to inventory; the Inventory is not damaged. Assume that there are no credit transactions; all amounts are settled in cash. You are provided with the following information for Waterway Inc. for the month of January 2022. Date January 1 January 5 January 8 January 10 January 15 January 16 January 20 January 25 (a1) January 1 January 5 January 8 January 10 January 15 January 16 January 20 Description January 25 Beginning inventory Purchase 7 Sale Sale return Purchase Purchase return Sale Purchase $ $ $ $ $ $ Quantity $ 100 Moving-Average Cost per unit $ 139 Calculate the Moving-average cost per unit at January 1, 5, 8, 10, 15, 16, 20, & 25. (Round moving average cost per unit answers to 3 decimal places, eg. 5.251.) 111 10 55 5 88 18 Unit Cost or Selling Price $13 16 27 27 18 18 31 20

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter6: Accounting For Merchandising Businesses

Section: Chapter Questions

Problem 2CPP: Palisade Creek Co. is a merchandising business that uses the perpetual inventory system. The account...

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Palisade Creek Co. is a merchandising business that uses the perpetual inventory system. The account balances for Palisade Creek Co. as of May 1, 2019 (unless otherwise indicated), are as follows: During May, the last month of the fiscal year, the following transactions were completed: Instructions 1. Enter the balances of each of the accounts in the appropriate balance column of a four-column account. Write Balance in the item section and place a check mark () in the Posting Reference column. Journalize the transactions for May, starting on Page 20 of the journal. 2. Post the journal to the general ledger, extending the month-end balances to the appropriate balance columns after all posting is completed. In this problem, you are not required to update or post to the accounts receivable and accounts payable subsidiary ledgers. 3. Prepare an unadjusted trial balance. 4. At the end of May, the following adjustment data were assembled. Analyze and use these data to complete (5) and (6). 5. (Optional) Enter the unadjusted trial balance on a 10-column end-of-period spreadsheet (work sheet), and complete the spreadsheet. 6. Journalize and post the adjusting entries. Record the adjusting entries on Page 22 of the journal. 7. Prepare an adjusted trial balance. 8. Prepare an income statement, a statement of owners equity, and a balance sheet. 9. Prepare and post the closing entries. Record the closing entries on Page 23 of the journal. Indicate closed accounts by inserting a line in both Balance columns opposite the closing entry. Insert the new balance in the owners capital account. 10. Prepare a post-closing trial balance.
Waterway Inc. is a retailer operating in British Columbia. Waterway uses the perpetual inventory system. All sales returns from customers result in the goods being returned to inventory; the inventory is not damaged. Assume that there are no credit transactions; all amounts are settled in cash. You are provided with the following information for Waterway Inc. for the month of January 2022. Date January 1 January 5 January 8 January 10 January 15 January 16 January 20 January 25 (a1) January 1 January 5 January 8 January 10 January 15 January 16 January 20 Description January 25 Beginning inventory Purchase Sale Sale return Purchase Purchase return Sale Purchase $ $ $ $ $ $ Quantity 100 $ 139 Calculate the Moving-average cost per unit at January 1, 5, 8, 10, 15, 16, 20, & 25. (Round moving-average cost per unit answers to 3 decimal places, eg. 5.251.) Moving-Average Cost per unit $ 111 10 55 5 88 18 Unit Cost or Selling Price $13 16 27 27 18 18 31 20
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Waterway Inc. is a retailer operating in British Columbia. Waterway uses the perpetual inventory system. All sales returns from customers result in the goods being returned to inventory; the inventory is not damaged. Assume that there are no credit transactions; all amounts are settled in cash. You are provided with the following information for Waterway Inc. for the month of January 2022. Date Description Quantity Unit Cost or Selling Price January 1 Beginning inventory 100 $21 January 5 Purchase 148 24 January 8 Sale 114 36 January 10 Sale return 10 36 January 15 Purchase 55 26 January 16 Purchase return 5 26 January 20 Sale 94 41 January 25 Purchase 26 28 Calculate the Moving-average cost per unit at January 1, 5, 8, 10, 15, 16, 20, & 25 For each of the following cost flow assumptions, calculate cost of goods sold,…
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