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
38
$41
June
4
Purchase
135
44
June
10
Sale
113
69
June
11
Sale return
14
69
June
18
Purchase
53
47
June
18
Purchase return
9
47
June
25
Sale
67
74
June
28
Purchase
29
51
Your answer is
correct.
Calculate cost per
unit. (Round answer to 2 decimal places, e.g. 5.25.)
Weighted-average cost
per unit
$
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Your answer is
incorrect. Try again.
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
$
$
$
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Your answer is incorrect. Try again.
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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