Exercise 6-14A Periodic: Cost flow assumptions LOP3 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. Jan. 1 Beginning inventory Mar. 7 Purchase July 28 Purchase Oct. 3 Purchase Dec. 19 Purchase Totals 220 units @ $2.80 = $ 616 480 units $3.25 - 1,560 1,120 units @ $3.30 = 3,696 1,000 units @ $3.60 = 3,600 400 units @ $3.70 = 1,480 3, 220 units $ 10,952 (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 (a) Specific identification (b) Weighted average (c) FIFO (d) ILIFO (e) Which method yields the highest net income? Specific identification FIFO