You are provided with the following information for Najera Inc. for the month ended June 30, 2014. Najera uses the periodic method for inventory.

Instructions
(a) Calculate
(i) Ending inventory,
(ii) Cost of goods sold,
(iii) Gross profit,
(iv) Gross profit rate under each of the following methods.
(1) LIFO.
(2) FIFO.
(3) Average-cost.
(b) Compare results for the three cost flowassumptions.

Transcribed Image Text:

Unit Cost or Quantity Selling Price Date June June June 10 June 11 June 18 June 18 June 25 June 28 Description Beginning inventory Purchase Sale Sale return 40 135 110 15 $40 70 70 46 46 75 50 10 65 30 returmn Sale