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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.

Calculate cost per unit. (Round answer to 2 decimal places, e.g. 5.25.)

Weighted-average cost per unit $Entry field with correct answer
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 Calculate ending inventory, cost of goods sold, gross profit under each of the following methods. (1) LIFO. (2) FIFO. (3) Average-cost
Date Description Quantity Unit Cost or
Selling Price
June 1 Beginning inventory 38 $38
June 4 Purchase 135 42
June 10 Sale 105 67
June 11 Sale return 12 67
June 18 Purchase 52 44
June 18 Purchase return 8 44
June 25 Sale 62 72
June 28 Purchase 25 48

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Darshita6.14K 0 Comments
Calculation As per FIFO
Ending Balance purchase Sales Ending Balance Cost of goods sold
Date Quantity Price
Per Unit		 Total Quantity Price
Per Unit		 Total Quantity Price
Per Unit		 Total Quantity Price
Per Unit		 Total Quantity Price
Per Unit		 Total
1-Jun 38 38 1444 38 38 1444 38 38 1444
Jun e     4 135 42 5670 135 42 5670 67 42 2814
-12 -42 -504
10-Jun 105 67 7035 68 42 2856 62 42 2604
155 80 6358
11-Jun -12 -67 -804 80 42 3360
18-Jun 52 44 2288 80 42 3360
52 44 2288
80 42 3360
18-Jun -8 -44 -352 44 44 1936
25-Jun 62 72 4464 18 42 756
44 44 1936
28-Jun 25 48 1200 18 42 756
44 44 1936
25 48 1200
38 38 1444 204 90 8806 155 72 10695 87 134 3892
Sells 155 72 10695
Cost of
goods sold		 155 6358
Profit 4337
Closing
inventory		 87 3892

(2) calculation as per LIFO

Calculation As per lIFO
Ending Balance purchase Sales Ending Balance Cost of goods sold
Date Quantity Price
Per Unit		 Total Quantity Price
Per Unit		 Total Quantity Price
Per Unit		 Total Quantity Price
Per Unit		 Total Quantity Price
Per Unit		 Total
1-Jun 38 38 1444 38 38 1444 105 42 4410
Jun e     4 135 42 5670 135 42 5670 -12 -42 -504
44 44 1936
10-Jun 105 67 7035 38 38 1444 18 42 756
30 42 1260
155 86 6598
11-Jun -12 -67 -804 38 38 1444
42 42 1764
18-Jun 52 44 2288 38 38 1444
42 42 1764
52 44 2288
38 38 1444
18-Jun -8 -44 -352 42 42 1764
44 44 1936
`
25-Jun 62 72 4464 38 38 1444
24 42 1008
28-Jun 25 48 1200 38 38 1444
24 42 1008
25 48 1200
38 38 1444 204 90 8806 155 72 10695 87 128 3652
Sells 155 72 10695
Cost of
goods sold		 155 6958
Profit 3737
Closing
inventory		 87 3652

(3)

CAlculation as per wighted AVG

Calculation As per Wighted Avg
Ending Balance purchase Sales Ending Balance Cost of goods sold
Date Quantity Price
Per Unit		 Total Quantity Price
Per Unit		 Total Quantity Price
Per Unit		 Total Quantity Price
Per Unit		 Total Quantity Price
Per Unit		 Total
1-Jun 38 38 1444 38 38 1444 105 41.12 4317.6
Jun e     4 135 42 5670 135 42 5670 -12 41.12 -504
173 41.121 7114
62 42.255 2619.81
10-Jun 105 67 7035 68 41.121 2796.228
155 124.495 6433.41
11-Jun -12 -67 -804 80 41.121 3289.68
18-Jun 52 44 2288 132 42.255 5577.68
18-Jun -8 -44 -352 124 42.255 5239.639
`
25-Jun 62 72 4464 62 42.255 2619.819
28-Jun 25 48 1200 87 43.906 3819.819
38 38 1444 204 90 8806 155 72 10695 87 43.906 3819.819
Sells 155 10695
Cost of
goods sold		 155 6433.41
Profit 4261.59
Closing
inventory		 87 3819.819
FIFO LIFO Avg Cost
The ending inventory 3892 3652 3819.819
Cost of goods sold 6358 6958 6433.41
Gross profit 4337 3737 4261.59
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