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 $13
January
5
Purchase
139 16
January
8
Sale
111 27
January
10
Sale return
10 27
January
15
Purchase
55 18
January
16
Purchase return
5 18
January
20
Sale
88 31
January
25
Purchase
18 20
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.)
