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

Answer rating: 100% (QA)

LIFO Inventory on June 1 40 units 41 1640 Inventory on June 4 136 units 45 6120 Inventory on June 10 ... View the full answer