Martinez Co. 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 highest net income?

Jan. 1 Beginning inventory . . . . . . . 100 units @ $2.00 $ 200 Mar. 7 Purchase . . . . . . . . . . . . . . . 220 units @ $2.25 495 July 28 Purchase . . . . . . . . . . . . . . . 540 units @ $2.50 1,350 Oct. 3 Purchase . . . . . . . . . . . . . . . 480 units @ $2.80 1,344 Dec. 19 Purchase . . . . . . . . . . . . . . . 160 units @ $2.90 464 Totals . . . . . . . . . . . . . . . . . 1,500 units $3,853