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A)Calculate the weighted average cost per unit andthen calculate(i) ending inventory, (ii) cost of goods sold, (iii) gross profit, and (iv) gross profit rate under
A)Calculate the weighted average cost per unit andthen calculate(i) ending inventory, (ii) cost of goods sold, (iii) gross profit, and (iv) gross profit rate under each of the following methods.(1)LIFO (2) FIFO (3) Average cost B)Compare results for the three cost flow assumptions. C)After doing it with the periodic system do it again using the perpetual system.
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 | quantity | unit cost or selling price | ||
June | 1 | Beginning inventory | 38 | $42 |
June | 4 | Purchase | 137 | 46 |
June | 10 | Sale | 115 | 69 |
June | 11 | Sale return | 18 | 69 |
June | 18 | Purchase | 54 | 48 |
June | 18 | Purchase return | 8 | 48 |
June | 25 | Sale | 64 | 74 |
June | 28 | Purchase | 30 | 52 |
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