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 methodfor inventory.
Date | | Description | | Quantity | | Unit Cost or
Selling Price |
| June | | 1 | | Beginning inventory | | 40 | | $40 |
| June | | 4 | | Purchase | | 135 | | 44 |
| June | | 10 | | Sale | | 110 | | 70 |
| June | | 11 | | Sale return | | 15 | | 70 |
| June | | 18 | | Purchase | | 55 | | 46 |
| June | | 18 | | Purchase return | | 10 | | 46 |
| June | | 25 | | Sale | | 65 | | 75 |
| June | | 28 | | Purchase | | 30 | | 50 |
Calculate gross profit rate under each of the following methods.(1) LIFO. (2) FIFO. (3) Average-cost. (Round answers to1 decimal place, e.g. 51.2%.)
