Exercise 5-14A 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 480 units160 from each of the last three purchases.

Jan.	1	Beginning inventory	260	units	@ $4.40	=	$	1,144
Mar.	7	Purchase	560	units	@ $5.25	=		2,940
July	28	Purchase	1,200	units	@ $4.90	=		5,880
Oct.	3	Purchase	1,080	units	@ $5.20	=		5,616
Dec.	19	Purchase	560	units	@ $6.50	=		3,640
		Totals	3,660	units			$	19,220

(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
Specific Identification
Weighted Average
FIFO
LIFO