ACCOUNTING-provided with the following information for Najera Inc.
QUESTION
Problem 6-5A
You
are provided with the following information for Najera Inc. for the month
ended June 30, 2014. Najera uses the periodic method for inventory.
Date
Description
Units
Unit
Cost or Selling Price
June
1
Beginning inventory
44
$40
June
4
Purchase
138
45
June
10
Sale
107
71
June
11
Sale return
16
71
June
18
Purchase
53
46
June
18
Purchase return
9
46
June
25
Sale
67
76
June
28
Purchase
30
50
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Calculate cost per unit.(Round answer to 2
decimal places, e.g. 5.25.)
Weighted-average
cost per unit
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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.)
LIFO
FIFO
AVERAGE-COST
The
ending inventory
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The
cost of goods sold
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Gross
profit
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Calculate gross profit
rate under each of the following methods. (1) LIFO. (2) FIFO. (3)
Average-cost.(Round
answers to 1 decimal place, e.g. 51.2%.)
LIFO
FIFO
AVERAGE-COST
Gross profit rate
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%
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%
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%
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