Question 4

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		38		$42
June		4		Purchase		135		46
June		10		Sale		108		70
June		11		Sale return		12		70
June		18		Purchase		58		48
June		18		Purchase return		9		48
June		25		Sale		64		75
June		28		Purchase		33		52

(a2)

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. Use weighted-average unit cost rounded to 2 decimal places for computations.)