Lopez Company reported the following current year data for its only product. The company uses a periodic
Question:
Lopez Company 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
(d) LIFO.
(Round per unit costs and inventory amounts to cents.)
(e) Which method yields the highest net income?
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Based on the inventory data provided lets calculate the cost assigned to the ending inventory and the cost of goods sold COGS for each of the inventor...View the full answer
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