Exercise $5-14($Algo$)$ Periodic: Cost flow assumptions LO P$3$

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 $600$ units$-200$ from each of the last three purchases.

$($a$-$d$)$ Determine the cost assigned to ending inventory and to cost of goods sold for the following. $($a$)$ Specific identification

$($b$)$ Weighted average

$($c$)$ FIFO

$($d$)$ LIFO

$($e$)$ Which method yields the highest net income?

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