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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

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.)

You are provided with the following information for Najera Inc. for the month ended June 30, 2015. Najera uses the periodic method for inventory.

Date

Description

Quality

Unit Cost or Selling Price

June 1 Beginning inventory 40 $41
June 4 Purchase 136 45
June 10 Sale 107 72
June 11 Sale return 15 72
June 18 Purchase 58 46
June 18 Purchase return 11 46
June 25 Sale 64 77
June 28 Purchase 33 50

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