6 Exercise 5-14 (Algo) Periodic: Cost flow assumptions LO P1 14.32 points 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 480 units160 from each of the last three purchases. eBook = Jan. 1 Beginning inventory Mar. 7 Purchase July 28 Purchase 3 Purchase Dec. 19 Purchase Totals Oct. 260 units @ $4.40 560 units @ $5.25 1,200 units @ $4.90 1,080 units @ $5.20 560 units @ $6.50 3,660 units = $ 1,144 = 2,940 5,880 = 5,616 3,640 $ 19,220 0 References (a-d) Determine the cost assigned to ending inventory and to cost of goods sold for the following. (e) Which method yields the highest net income? Complete this question by entering your answers in the tabs below. Reg A to D Req E 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.) Ending Inventory Cost of Goods Sold (a) Specific identification (b) Weighted average (c) FIFO (d) LIFO 6 Exercise 5-14 (Algo) Periodic: Cost flow assumptions LO P1 14.32 points 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 480 units160 from each of the last three purchases. Jan. 1 Beginning inventory Mar. 7 Purchase July 28 Purchase Oct. 3 Purchase Dec. 19 Purchase Totals eBook 260 units @ $4.40 560 units @ $5.25 1,200 units @ $4.90 1,080 units @ $5.20 560 units @ $6.50 3,660 units = $ 1,144 2,940 5,880 5,616 3,640 $ 19,220 References (a-d) Determine the cost assigned to ending inventory and to cost of goods sold for the following. (e) Which method yields the highest net income? Complete this question by entering your answers in the tabs below. Reg A to D ReqE Which method yields the highest net income? Which method yields the highest net income?