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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 150
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 150 units-50 from each of the last three purchases. Jan. 1 Beginning inventory Mar. 7 Purchase July 28 Purchase Oct. 3 Purchase Dec. 19 Purchase Totals 96 units @ $2.ee 220 units @ $2.25 544 units @ $2.50 480 units @ $2.80 160 units @ $2.90 1,500 units 192 495 1,360 1,344 464 $ 3,855 (a-d) 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 (a) Specific identification (b) Weighted average (c) FIFO (d) LIFO
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