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Lopez Company reported the following current-year data for its only product. The company uses a perlodic Inventory system, and Its ending Inventory consists of 360
Lopez Company reported the following current-year data for its only product. The company uses a perlodic Inventory system, and Its ending Inventory consists of 360 units-120 from each of the last three purchases. Jan. 1 Beginning inventory Mar. 7 Purchase July 28 Purchase Oct. 3 Purchase Dec. 19 Pur chase 228 units$2.88$616 488 units $3.251,568 1,128 units$3.383,696 1,888 units $3.683,688 488 units $3.781.488 $ 18,952 Totals 3,228 units 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.) Sold b) Weighted average c) FIFO ) LIFO Whlch method ylelds the highest net Income? O FIFO OSpecific Identification Welghted average O LIFO
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