Flora's Gifts reported the following current-month data for its only product. The company uses a periodic...

Transcribed Image Text:

Flora's Gifts reported the following current-month data for its only product. The company uses a periodic inventory system, and ending inventory consists of 88 units-64 units from the January 6 purchase and 24 units from the January 25 purchase. January 1 Beginning inventory January 6 Purchase January 17 Purchase January 25 Purchase Totals 205 units @ $4.60 380 units 8 $4.20 610 units $3.70 36 units @ $3.40 1,231 units $ 943.00 - 1,596.00 2,257.00 122.40 $ 4,918.40 (a-d) Determine the cost assigned to ending inventory and to cost of goods sold for the following. (e) Which method yields the lowest 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 nearest whole dollar.). Ending Inventory Cost of Goods Sold (a) Specific identification (b) Weighted average (c) FIFO (d) LIFO Flora's Gifts reported the following current-month data for its only product. The company uses a periodic inventory system, and ending inventory consists of 88 units-64 units from the January 6 purchase and 24 units from the January 25 purchase. January 1 Beginning inventory January 6 Purchase January 17 Purchase January 25 Purchase Totals 205 units @ $4.60 380 units 8 $4.20 610 units $3.70 36 units @ $3.40 1,231 units $ 943.00 - 1,596.00 2,257.00 122.40 $ 4,918.40 (a-d) Determine the cost assigned to ending inventory and to cost of goods sold for the following. (e) Which method yields the lowest 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 nearest whole dollar.). Ending Inventory Cost of Goods Sold (a) Specific identification (b) Weighted average (c) FIFO (d) LIFO