You are provided with the following information for Najera Inc. for the month ended June 30,...

 

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You are provided with the following information for Najera Inc. for the month ended June 30, 2017. Najera uses the periodic method for inventory. Unit Cost or Description Quantity Selling Price June 1 Beginning inventory 43 139 109 IETT June 11 Sale return 14 52 June 18. Purchase return 11 66 Date June 4 Purchase June 10 Sale June 18 Purchase June 25 Sale June 28 Purchase The ending inventory The cost of goods sold Gross profit $ Gross profit rate 32 LIFO % $38 $ 42 Calculate cost per unit. (Round answer to 2 decimal places, e.g. 5.25.) Weighted-average cost per unit $ $ $ 69 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.) LIFO AVERAGE-COST 69 44 44 74 48 FIFO Calculate gross profit rate under each of the following methods. (1) LIFO. (2) FIFO. (3) Average-cost. (Round answers to 1 decimal place, e.g. 51.2%.) FIFO AVERAGE-COST $ % $ % You are provided with the following information for Najera Inc. for the month ended June 30, 2017. Najera uses the periodic method for inventory. Unit Cost or Description Quantity Selling Price June 1 Beginning inventory 43 139 109 IETT June 11 Sale return 14 52 June 18. Purchase return 11 66 Date June 4 Purchase June 10 Sale June 18 Purchase June 25 Sale June 28 Purchase The ending inventory The cost of goods sold Gross profit $ Gross profit rate 32 LIFO % $38 $ 42 Calculate cost per unit. (Round answer to 2 decimal places, e.g. 5.25.) Weighted-average cost per unit $ $ $ 69 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.) LIFO AVERAGE-COST 69 44 44 74 48 FIFO Calculate gross profit rate under each of the following methods. (1) LIFO. (2) FIFO. (3) Average-cost. (Round answers to 1 decimal place, e.g. 51.2%.) FIFO AVERAGE-COST $ % $ %

Answer rating: 100% (QA)

To calculate cost per unit Cost per unit Beginning inventory Net Purchases Quantity Net Purchases Purchases Purchases Returns 139 x 42 52 x 44 32 x 48 ... View the full answer