Exercise 6-14A (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 600 units-200 from each of the last three purchases. January 1 March 7 Beginning inventory Purchase July 28 Purchase October 3 Purchase December 19 Purchase Totals 300 units @ $4.00 640 units @ $4.25 1,280 units @ $5.00 1,160 units @ $7.00 720 units @ $8.90 4,100 units $ 1,200 2,720 6,400 8,120 6,408 $ 24,848 (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. (Do not round intermediate calculations and round your answers to 2 decimal places.) (a) Specific identification (b) Weighted average Ending Inventory Cost of Goods Sold