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Problem - You are provided with the following information for Najera Inc. for the month ended June 30, 2014. Najera uses the periodic method for inventory.
Date
Description
Units
Unit Cost or Selling Price
June 1
Beginning inventory
44
$40
June 4
Purchase
138
45
June 10
Sale
107
71
June 11
Sale return
16
June 18
53
46
Purchase return
9
June 25
67
76
June 28
30
50
Calculate cost per unit.
Calculate ending inventory, cost of goods sold, gross profit under each of the following methods. (1) LIFO. (2) FIFO. (3) Average-cost.
Calculate gross profit rate under each of the following methods. (1) LIFO. (2) FIFO. (3) Average-cost.
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