Solution-Calculate ending inventory and cost of goods sold

Calculate ending inventory and cost of goods sold

Assignment Help Accounting Basics

Reference no: EM132033724

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	71
June 18	Purchase	53	46
June 18	Purchase return	9	46
June 25	Sale	67	76
June 28	Purchase	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.

Reference no: EM132033724

Questions Cloud

Which of these bonds has the highest interest rate risk : Interest rate risk is a measure of how much a bond's value changes when interest rates change.

What is the density of your metal in units of grams : You have a piece of metal that has a mass of 162 grams and a volume of 111 cm3. What is the density of your metal in units of grams per cm3?

Find the present value of the payoff : What is the discount rate that you are going to use to find the present value of the payoff? Give reasons for your selection of the discount rate.

What is the new temperature of the water after : What is the new temperature of the water after adding the heat? Remember that the specific heat of water

Calculate ending inventory and cost of goods sold : Calculate ending inventory, cost of goods sold, gross profit under each of the following methods. (1) LIFO. (2) FIFO. (3) Average-cost

Criteria for completing a successful recrystallization : What is the most important criteria for completing a successful recrystallization?

Indicate that the recrystallization was a success : Which of the following would indicate that the recrystallization was a success.?

What is the annual dollar amount of interest will receive : The interest rate is 3.82 percent. What is the annual dollar amount of interest you will receive each year?

The value of the annuity is : How much do you need to contribute each year to fund your retirement?

User Account

All Pages

Calculate ending inventory and cost of goods sold

Reference no: EM132033724

Reference no: EM132033724

Questions Cloud

Reviews

Write a Review

Accounting Basics Questions & Answers

How much control does fed have over this longer real rate

Coures:- fundamental accounting principles

Accounting problems

Theory of interest - term structure of interest rates

Write a report on internal controls

Prepare the bank reconciliation for company

Cost-benefit analysis

Theory of interest

Liquidity and profitability

What is the expected risk premium on the portfolio

Simple interest and compound interest

Capm and venture capital

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT