Question
Flora's Gifts reported the following current-month data for its only product. The company uses a periodic inventory system, and its ending inventory consists of
Flora's Gifts reported the following current-month data for its only product. The company uses a periodic inventory system, and its ending inventory consists of 90 units-65 units from the January 6 purchase and 25 units from the January 25 purchase. January 1 January 6 January 17 Beginning inventory Purchase Purchase January 25 Purchase Totals 210 units $4.50 $ 945.00 385 units $4.30 1,655.50 615 units $3.80 - 2,337.00 129.50 37 units $3.50 1,247 units $ 5,067.00 (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 endirig inventory and to cost of goods sold for the following. Note: 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
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