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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 76
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 76 units -58 units from the January 6 purchase and 18 units from the January 25 purchase. (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? \begin{tabular}{|l|l|l|} \hline & EndingInventory & Cost of Goods Sold \\ \hline (a) Specific identification & & \\ \hline (b) Weighted average & & \\ \hline (c) FIFO & & \\ \hline (d) LIFO & & \\ \hline \end{tabular} Which method yields the lowest net income
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