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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
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 600 units-200 from each of the last three purchases. January 1 Beginning inventory March 7 Purchase July 28 Purchase 300 units @ $6.00 640 units @$6.25 1,280 units @ $6.50 $ 1,800 4,000 8,320 October 3 Purchase 1,160 units @ $7.00 8,120 December 19 Purchase Totals 720 units @ $8.90 4,100 units 1 6,408 $ 28,648 (a-d) Determine the cost assigned to ending inventory and to cost of goods sold for the following. (e) Which method yields the highest net income? Complete this question by entering your answers in the tabs below. Req A to D Req E Determine the cost assigned to ending inventory and to cost of goods sold for the following. (Do calculations and round your answers to 2 decimal places.) (a) Specific identification (b) Weighted average (c) FIFO (d) LIFO Ending Inventory Cost of Goods Sold Req A to D Req E>
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