ACCOUNTING-provided with the following information for Najera Inc.
by ella | Aug 20, 2025 | Business
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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.
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Date
|
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Description
|
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Units
|
|
Unit
Cost or Selling Price
|
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June
|
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1
|
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Beginning inventory
|
|
44
|
|
$40
|
|
June
|
|
4
|
|
Purchase
|
|
138
|
|
45
|
|
June
|
|
10
|
|
Sale
|
|
107
|
|
71
|
|
June
|
|
11
|
|
Sale return
|
|
16
|
|
71
|
|
June
|
|
18
|
|
Purchase
|
|
53
|
|
46
|
|
June
|
|
18
|
|
Purchase return
|
|
9
|
|
46
|
|
June
|
|
25
|
|
Sale
|
|
67
|
|
76
|
|
June
|
|
28
|
|
Purchase
|
|
30
|
|
50
|
|
|
|
|
|
|
|
|
Calculate cost per unit.(Round answer to 2
decimal places, e.g. 5.25.)
|
Weighted-average
cost per unit
|
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$
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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
|
|
$
|
|
$
|
|
$
|
|
The
cost of goods sold
|
|
$
|
|
$
|
|
$
|
|
Gross
profit
|
|
$
|
|
$
|
|
$
|
|
|
|
|
|
|
|
|
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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