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 Beginning inventory 300 units $4.00 $ 1,200 March Purchase 640 units $6.25 July 28 Purchase 1,280 units $6.50 8,320 October 3 Purchase 1,160 units @ $7.00 8,120 December 19 Purchase 720 units $8.90 6,408 Totals 4,100 units $ 28,048 4,000 (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. Reg A to D Regt 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 Cost of Goods Inventory Sold (a) Specific identification (b) Weighted average (0) FIFO 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 Beginning inventory 300 units @ $4.00 $ 1,200 March Purchase 640 units @ $6.25 4,000 July 28 Purchase 1,280 units @ $6.50 October 3 Purchase 1,160 units @ $7.00 8,120 December 19 Purchase 720 units $8.90 6,408 Totals 4,100 units $ 28,048 8,320 (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. Reg A to D Reg 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.) Ending Cost of Goods Inventory Sold (a) Specific identification (b) Weighted average (c) FIFO Pro 1114 Neyt