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9.00 points Lopez Co. reported the following current-year data for its only product. The company uses a periodic inventory system, and its ending inventory consists
9.00 points Lopez Co. reported the following current-year data for its only product. The company uses a periodic inventory system, and its ending inventory consists of 300 units-100 from each of the last three purchases. Jan. 1 Beginning inventory Mar. 7 Purchase July 28 Purchase Oct. 3 Purchase Dec. 19 Purchase 200 units $2.00 $ 400 440 units $2.25990 1080 units $2.502,700 960 units @ $2.80# 2.688 320 units @ $2.90= 928 Totals 3,000 units S 7,706 Determine the cost assigned to ending inventory and to cost of goods sold for the following. (Round your per unit costs to 2 decimal places and final answers to the nearest dollar amount. Omit the "$" sign in your response.) (a) Specific identification (b) Weighted average (c) FIFO (d) LIFO Which method yields the highest net income? O FIFO OWeighted average LIFO O Specific identification
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