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Waterway Corporation began operations on December 1, 2016. The only inventory transaction in 2016 was the purchase of inventory on December 10, 2016, at a cost of $22 per unit. None of this inventory was sold in 2016. Relevant information is as follows.
Ending inventory units December 31, 2016135 December 31, 2017, by purchase date December 2, 2017135 July 20, 201750185
During the year 2017, the following purchases and sales were made.
Purchases
Sales
March 15335 units at $26April 10235July 20335 units at 28August 20335September 4235 units at 31November 18185December 2135 units at 33December 12235
The company uses the periodic inventory method.
Calculate average-cost per unit. (Round answer to 2 decimal places, e.e. 2.76.)
Average-cost$
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Determine ending inventory under (1) specific identification, (2) FIFO, (3) LIFO, and (4) average-cost. (Round answers to 0 decimal places, e.g. 2,760.)
Specific Identification
FIFO
LIFO
Average-Cost
Ending Inventory$
$
$
$
LINK TO TEXT
Calculate price index. (Round answer to 4 decimal places, e.g. 2.7653.)
Price Index
LINK TO TEXT
Determine ending inventory using dollar-value LIFO. Assume that the December 2, 2017, purchase cost is the current cost of inventory. (Hint: The beginning inventory is the base layer priced at $22 per unit.) (Round answer to 0 decimal places, e.g. 2,760.)
Ending inventory at dollar-value LIFO$
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