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 360 units-120 from each of the last three purchases. January 1 March 7 July 28 Beginning inventory Purchase Purchase October 3 Purchase December 19 Purchase Totals 220 units @ $2.80 480 units @ $3.25 1,120 units @ $3.30 1,000 units @ $3.60 400 units @ $3.70 3,220 units $ 616 1,560 3,696 3,600 1,480 $ 10,952 (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. Req A to D Req E 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. Cost of Goods Sold Ending Inventory (a) Specific identification $ (b) Weighted average $ 1,224.67 (c) FIFO (d) LIFO 9,680.00 Which method yields the highest net income? Which method yields the highest net income