Exercise 6-14A (Static) 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 150 units50 from each of the last three purchases. January 1 Beginning inventory 96 units @ $2.00 = $ 192 March 7 Purchase 220 units @ $2.25 = 495 July 28 Purchase 544 units @ $2.50 = 1,360 October 3 Purchase 480 units @ $2.80 = 1,344 December 19 Purchase 160 units @ $2.90 = 464 Totals 1,500 units $ 3,855 (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?