Flora’s Gifts reported the following current-year data for its only product. The company uses a periodic inventory system, and its ending inventory consists of 150 units—50 from each of the last three purchases.

Determine the cost assigned to ending inventory and to cost of goods sold using

(a) specific identification,

(b) weighted average,

(c) FIFO, and (d ) LIFO. (Round unit costs to the cent.) Which method yields the lowest net income?

Jan. 1 Beginning inventory . . . . . . . 140 units @ $3.00 $ 420 Mar. 7 Purchase . . . . . . . . . . . . . . . 300 units @ $2.80 840 July 28 Purchase . . . . . . . . . . . . . . . 400 units @ $2.50 1,000 Oct. 3 Purchase . . . . . . . . . . . . . . . 550 units @ $2.30 1,265 Dec. 19 Purchase . . . . . . . . . . . . . . . 125 units @ $2.00 250 Totals . . . . . . . . . . . . . . . . . 1,515 units $3,775