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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 60 units-50 units from the January 6 purchase and 10 units from the January 25 purchase. January 1 Beginning inventory January 6 Purchase January 17 January 25 Purchase Purchase Totals 138 units @ $3.00 300 units @ $2.80 540 units @ $2.30 22 units @ $2.00 1,000 units = = = $ 414 840 1,242 = 44 $ 2,540 (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? Answer is complete but not entirely correct. 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. Note: Do not round intermediate calculations and round your answers to nearest whole dollar. Ending Inventory Cost of Goods Sold (a) Specific identification $ 1,000 $ 1,000 (b) Weighted average $ 152 $ 2,388 (c) FIFO $ 131 $ 2,409 (d) LIFO $ 180 $ 2,360 < Req A to D Req E >
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