Problem 6-5A (Part Level Submission) Date Description Quantity Unit Cost or Sell
ID: 2480721 • Letter: P
Question
Problem 6-5A (Part Level Submission)
Date
Description
Quantity
Unit Cost or
Selling Price
(a1)
LINK TO TEXT
(a2)
LIFO
FIFO
AVERAGE-COST
LINK TO TEXT
(a3)
LIFO
FIFO
AVERAGE-COST
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
Explanation / Answer
a. FIFO
Purchases Issues Balance
45
136
42
46
1890
6256
45
68
42
46
1890
3128
68
15
46
69
3128
1035
68
15
54
46
69
48
3128
1035
2592
56
15
54
46
69
48
2576
1035
2592
56
12
46
69
2576
828
3
54
69
48
207
2592
3
54
35
69
48
52
207
2592
1820
Ending inventory:
3 units @ 69 = 207
54 units @ 48 = 2592
35 units @ 52 = 1820
Cost of goods sold :
45 units @ 42 = 1890
68 @ 46 = 3128
12 @ 46 = 552
56 @ 46 = 2576
12 @ 69 = 828
Gross profit rate :
Gross profit = Sales - cost of goods sold
= 13405 - 8974 = 4431
LIFO :
Purchases Issues Balances
45
136
42
46
1890
6256
113
46
45
23
42
46
1890
1058
45
23
15
42
46
69
1890
1058
1035
45
23
15
54
42
46
69
48
1890
1058
1035
2592
45
23
15
42
42
46
69
48
1890
1058
1035
2016
42
15
11
48
69
46
2016
1035
506
45
12
42
46
1890
552
45
12
35
42
46
52
1890
552
1820
Ending inventory :
45@42 = 1890
12@46 = 552
35@52 = 1820
Cost of goods sold :
113 @ 46 = 5198
12 @ 48 = 576
42 @ 48 = 2016
15 @ 69 = 1035
11 @ 46 = 506
Gross profit = sales - cost of goods sold
= 13405 - 9331 = 4074.
Date Quantity Rate Amount Quantity Rate Amount Quantity Rate Amount June 1 45 42 1890 4 136 46 625645
136
42
46
1890
6256
1045
68
42
46
1890
3128
68 46 3128 11 15 69 103568
15
46
69
3128
1035
18 54 48 259268
15
54
46
69
48
3128
1035
2592
18 12 46 55256
15
54
46
69
48
2576
1035
2592
2556
12
46
69
2576
828
3
54
69
48
207
2592
28 35 52 18203
54
35
69
48
52
207
2592
1820