Problem - 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
|
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.
Calculate gross profit rate under each of the following methods. (1) LIFO. (2) FIFO. (3) Average-cost.