Business, 08.04.2020 05:00 lizatapper5054

You are provided with the following information for Najera Inc. for the month ended June 30, 2017. Najera uses the periodic method for inventory.

Date

Description

Quantity

Unit Cost or
Selling Price

June

1

Beginning inventory

45

$42

June

4

Purchase

136

46

June

10

Sale

113

69

June

11

Sale return

15

69

June

18

Purchase

54

48

June

18

Purchase return

12

48

June

25

Sale

68

74

June

28

Purchase

35

52

(a1)

Calculate cost per unit. (Round answer to 2 decimal places, e. g. 5.25.)

Weighted-average cost per unit

$46.44

(a2)

Calculate ending inventory, cost of goods sold, gross profit under each of the following methods. (1) LIFO. (2) FIFO. (3) Average-cost. (Round average-cost method answers to 2 decimal places, e. g. 1,250.25 and other answers to 0 decimal places, e. g. 1,250. Use weighted-average unit cost rounded to 2 decimal places for computations.)

LIFO

FIFO

AVERAGE-COST

The ending inventory

$

$

$

The cost of goods sold

$

$

$

Gross profit

$

$

$

Answers: 2

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You are provided with the following information for Najera Inc. for the month ended June 30, 2017. N...

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