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 390 units130 from each of the last three purchases.

Jan.	1	Beginning inventory	230	units	@ $3.20	=	$	736
Mar.	7	Purchase	500	units	@ $3.75	=		1,875
July	28	Purchase	1,140	units	@ $3.70	=		4,218
Oct.	3	Purchase	1,020	units	@ $4.00	=		4,080
Dec.	19	Purchase	440	units	@ $4.70	=		2,068
		Totals	3,330	units			$	12,977

(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.)

(e) Which method yields the highest net income?

multiple choice

• Specific identification

• FIFO

• LIFO

• Weighted average