(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.) (e) Which method yields the highest net income? Weighted average Specific identification FIFO LIFO

Exercise 6-14A Periodic: Cost flow assumptions LO P3 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 360 units120 from each of the last three purchases. Jan. 1 Beginning inventory Mar. 7 Purchase July 28 Purchase Oct. 3 Purchase Dec. 19 Purchase Totals 220 units @ $2.40 = $ 528 480 units @ $2.65 = 1,272 1,120 units @ $2.90 = 3,248 1,000 units @ $3.60 = 3,600 400 units @ $4.10 = 1,640 3,220 units $ 10, 288 (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.) Ending Inventory Cost of Goods Sold (a) Specific identification (b) Weighted average (c) FIFO (d) LIFO (e) Which method yields the highest net income? Weighted average Specific identification FIFO OLIFO