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. Jan. 1 Beginning inventory Mar. 7 Purchase July 28 Purchase Oct. 3 Purchase Dec. 19 Purchase Totals 1,280 units 300 units $4.00 $ 1,200 640 units $6.25 = 4,000 $6.50- 8,320 1,160 units $7.00 - 8,120 720 units @ $8.90 6,408 4,100 units $28,048 (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 25 (c) FIFO (d) LIFO (e) Which method yields the highest net income? FIFO OLIFO O Specific Identification O Weighted average