Exercise 5-14 (Algo) 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 330 units110 from each of the last three purchases.

January 1	Beginning inventory	210	units	@ $2.40	=	$ 504
March 7	Purchase	460	units	@ $2.75	=	1,265
July 28	Purchase	1,100	units	@ $2.90	=	3,190
October 3	Purchase	980	units	@ $3.20	=	3,136
December 19	Purchase	360	units	@ $3.40	=	1,224
	Totals	3,110	units			$ 9,319

(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?

Exercise 5-14 (Algo) 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 330 units -110 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. (e) Which method yields the highest net income? Complete this question by entering your answers in the tabs below. Determine the cost assigned to ending inventory and to cost of goods sold for the following. Note: Do not round intermediate calculations and round your answers to 2 decimal places. Exercise 5-14 (Algo) 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 330 units -110 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. (e) Which method yields the highest net income? Complete this question by entering your answers in the tabs below. Which method yields the highest net income