Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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 600

image text in transcribed
image text in transcribed
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 600 units-200 from each of the last three purchases. Jan. 1 Beginning inventory Mar. 7 Purchase July 28 Purchase Oct. 3 Purchase Dec. 19 Purchase Totals 300 units @ $6.ee = $ 1,800 640 units @ $7.25 - 4,640 1,280 units @ $6.50 - 8,320 1,160 units @ $8.80 - 10,208 720 units @ $8.98 6,408 4, 100 units $31,376 (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? Complete this question by entering your answers in the tabs below. Reg A to D Regt 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 2 decimal places.) Ending Inventory Cost of Goods Sold (0) Specific identification (b) Weighted average (c) FIFO (d) LIFO Regt > 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 600 units-200 from each of the last three purchases. Jan. 1 Beginning inventory Mar. 7 Purchase July 28 Purchase Oct. 3 Purchase Dec. 19 Purchase Totals 300 units @ $6.00 - $ 1,888 640 units @ $7.25 = 4,640 1,288 units @ $6.50 - 8,320 1, 160 units @ $8.80 - 10,208 720 units @ $8.90 6,488 4,100 units $31,376 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? Complete this question by entering your answers in the tabs below. Req A to D RegE Which method yields the highest net income? ***** Which method yields the highest net income? Roq A to D

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

The Edgerston Audit

Authors: Don Akenson

1st Edition

0802709915, 978-0802709912

More Books

Students also viewed these Accounting questions