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 360 units120 from each of the last three purchases.

Jan.	1	Beginning inventory	220	units	@ $2.80	=	$	616
Mar.	7	Purchase	480	units	@ $3.25	=		1,560
July	28	Purchase	1,120	units	@ $3.30	=		3,696
Oct.	3	Purchase	1,000	units	@ $3.60	=		3,600
Dec.	19	Purchase	400	units	@ $3.70	=		1,480
		Totals	3,220	units			$	10,952

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.)

Which method yields the highest net income?

• LIFO

• Specific identification

• FIFO

• Weighted average