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 138 44 June 10 Sale 107 70 June 11 Sale return 13 70 June 18 Purchase 53 46 June 18 Purchase return 10 46 June 25 Sale 63 75 June 28 Purchase 26 50

Calculate cost per unit. (Round answer to 2 decimalplaces, e.g. 5.25.) Weighted-average cost per unit $

Calculate ending inventory, cost of goods sold, gross profitunder each of the following methods. (1) LIFO. (2) FIFO. (3)Average-cost. (Round average-cost method answers to 2decimal places, e.g. 1,250.25 and other answers to 0 decimalplaces, e.g. 1,250. Use weighted-average unit cost rounded to 2decimal places for computations.) LIFO FIFO AVERAGE-COST The ending inventory $ $ $ The cost of goods sold $ $ $ Gross profit $ $ $

Calculate gross profit rate under each of the followingmethods. (1) LIFO. (2) FIFO. (3) Average-cost. (Roundanswers to 1 decimal place, e.g. 51.2%.) LIFO FIFO AVERAGE-COST Gross profit rate % % %

Compare the results for the three cost flow assumptions andanswer the following questions. In this period of rising prices, LIFO gives the lowesthighest cost of goods sold and the lowesthighest gross profit. FIFO gives the highestlowest cost of goods sold and the lowesthighest gross profit.