Problem 6-5A (Part Level Submission) You are provided with the following informa
ID: 2470219 • Letter: P
Question
Problem 6-5A (Part Level Submission)
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
45
$42
June
4
Purchase
136
46
June
10
Sale
113
69
June
11
Sale return
15
69
June
18
Purchase
54
48
June
18
Purchase return
12
48
June
25
Sale
68
74
June
28
Purchase
35
52
(a1)
Calculate cost per unit. (Round answer to 2 decimal places, e.g. 5.25.)
Weighted-average cost per unit
$
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Attempts: 3 of 3 used
(a2)
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
FIFO
AVERAGE-COST
The ending inventory
$
$
$
The cost of goods sold
$
$
$
Gross profit
$
$
$
Problem 6-5A (Part Level Submission)
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
45
$42
June
4
Purchase
136
46
June
10
Sale
113
69
June
11
Sale return
15
69
June
18
Purchase
54
48
June
18
Purchase return
12
48
June
25
Sale
68
74
June
28
Purchase
35
52
Explanation / Answer
1 Weighted average cost per unit is as follows: June Particulars Quantity Unit price Total 1 Beginning inventory 45 42 1890 4 Purchase 136 46 6256 11 Sales return 15 69 1035 18 Purchase 54 48 2592 28 Purchase 35 52 1820 285 13593 10 Sale 113 69 7797 18 Purchase return 12 48 576 25 Sale 68 74 5032 193 191 13405 Closing stock 92 13593 Weighted average cost 13953/92 151.663 2 LIFO June Particulars Quantity Unit price Total Ending inventory 45 42 1890 47 46 2162 4052 FIFO June Particulars Quantity Unit price Total Ending inventory 35 52 1820 42 48 2016 15 46 690