Question
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
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 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 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.)
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