3 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 540 units-180 from each of the last three purchases. 3.34 points Jan. 1 Beginning inventory Mar. 7 Purchase July 28 Purchase Oct. 3 Purchase Dec. 19 Purchase Totals 280 units @ $5.20 600 units @ $6.25 1,240 units @ $5.70 1,120 units @ $6.00 640 units @ $6.10 3,880 units = $ 1,456 = = 3,750 7,068 6,720 = 3,904 $ 22,898 (a-d) Determine the cost assigned to ending inventory and to cost of goods sold for the following. (Do not round intermediate calculations and round your answers to 2 decimal places.) Answer is complete but not entirely correct. Ending Inventory Cost of Goods Sold (a) Specific identification $ 540.00 $ 19,785.00 (b) Weighted average $ 540.00 $ 19,790.00 (c) FIFO $ 540.00 $ 19,695.00 (d) LIFO $ 540.00 $ 19,908.00 (e) Which method yields the highest net income? FIFO LIFO Weighted average Specific identification