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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