Problem - 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
|
40
|
$40
|
|
June 4
|
Purchase
|
136
|
44
|
|
June 10
|
Sale
|
115
|
69
|
|
June 11
|
Sale return
|
12
|
69
|
|
June 18
|
Purchase
|
58
|
46
|
|
June 18
|
Purchase return
|
9
|
46
|
|
June 25
|
Sale
|
66
|
74
|
|
June 28
|
Purchase
|
35
|
50
|
Calculate cost per unit.
Calculate ending inventory, cost of goods sold, gross profit under each of the following methods. (1) LIFO. (2) FIFO. (3) Average-cost.