Question
In: Accounting
You are provided with the following information for Najera Inc. for the month ended June 30,...
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Expert Solution
| Periodic Inventory | ||||
| Details | Unit | Rate | Inventory Cost $ | |
| Opening Balance on Jun 1 | 40 | $ 40.00 | $ 1,600.00 | |
| Purchases | ||||
| June 4. purchase | 138 | $ 44.00 | $ 6,072.00 | |
| June 18. purchase | 53 | $ 46.00 | $ 2,438.00 | |
| June 18. purchase return | -10 | $ 46.00 | $ (460.00) | |
| June 28. purchase | 26 | $ 50.00 | $ 1,300.00 | |
| A | Total Goods available for sale | 247 | $ 44.33 | $ 10,950.00 |
| Weighted Average cost per unit =$44.33 | ||||
| Details | Unit | Rate | Inventory Cost $ | |
| Ans b. | ||||
| Total Goods available for sale | 247 | $ 44.33 | $ 10,950.00 | |
| Less : Sales Units | 157 | $ 44.33 | $ 6,960.12 | |
| Ending Inventory Units | 90 | |||
| Sales Details | Unit sold | Sales Price | Sales Revenue | |
| June 10 sale | 107 | $ 70.00 | $ 7,490.00 | |
| June 11. Sales return | -13 | $ 70.00 | $ (910.00) | |
| June 25 sales | 63 | $ 75.00 | $ 4,725.00 | |
| Total Ending Inventory | 157 | $ 11,305.00 | ||
| FIFO method | ||||
| Ending Inventory | 90 | |||
| Details | Unit | Rate | Inventory Cost $ | |
| June 28 purchase | 26 | $ 50.00 | $ 1,300.00 | |
| June 18 purchase | 43 | $ 46.00 | $ 1,978.00 | |
| June 4 purchase | 21 | $ 44.00 | $ 924.00 | |
| B | Total Ending Inventory | 90 | $ 4,202.00 | |
| Cost of Goods Sold =A-B= | 157 | $ 6,748.00 | ||
| LIFO method | ||||
| Ending Inventory | 90 | |||
| Details | Unit | Rate | Inventory Cost $ | |
| Jun 1 , op balance | 40 | $ 40.00 | $ 1,600.00 | |
| June 4 purchase | 50 | $ 44.00 | $ 2,200.00 | |
| C | Total Ending Inventory | 90 | $ 3,800.00 | |
| Cost of Goods Sold =A-C= | 197 | $ 8,750.00 | ||
| Average cost Method | ||||
| Ending Inventory | 90 | |||
| Details | Unit | Rate | Inventory Cost $ | |
| Ending Inventory at average cost | 90 | $ 44.33 | $ 3,989.88 | |
| D | Total Ending Inventory | 90 | $ 3,989.88 | |
| Cost of Goods Sold =A-D= | 157 | $ 6,960.12 | ||
| Method | FIFO | LIFO | Average Cost | |
| Ending Inventory | $ 4,202.00 | $ 3,800.00 | $ 3,989.88 | |
| Sales Revenue | $ 11,305.00 | $ 11,305.00 | $ 11,305.00 | |
| Cost of Goods Sold | $ 6,748.00 | $ 8,750.00 | $ 6,960.12 | |
| Gross Profit $ | $ 4,557.00 | $ 2,555.00 | $ 4,344.88 | |
| Gross Profit % | 40.31% |
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Date
Description
Quantity
Unit Cost or
Selling Price
June
1
Beginning inventory
40
$40
June
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Purchase
138
44
June
10
Sale
107
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June
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Sale return
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June
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June
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June
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Supplies expense
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Interest expense
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Rent expense
4,000
Cost of goods sold
60,000
Wages expense
9,500
Dividends paid
5,000
Utilities expense
1,100
Advertising
expense
4,500
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3,200
Dividends declared
7,100
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3,800
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R
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