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 450 units-150 from each of the last three purchases. Jan. 1 Beginning inventory Mar. 7 Purchase July 28 Purchase Oct. 3 Purchase Dec. 19 Purchase Totals 250 units @ $4.00 - $1,000 540 unitse $4.25 2,295 1,180 units @ $4.50 5,310 1,060 unitse $4.80 5,088 520 units @ $5.90 3,068 3,550 units $ 16,761 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 Help Jan. 1 Beginning inventory Mar. 7 Purchase July 28 Purchase Oct. 3 Purchase Dec. 19 Purchase Totals 250 units $4.00 $ 1,000 540 unita e $4.25 2,295 1,180 units e $4.50 5,310 1,060 units @ $4.80 5,088 520 units e$5.90 - 3,068 3,550 units $ 16,761 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 Which method yields the highest net income? Specific identification O FIFO OLIFO Weighted average