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.

January 1	Beginning inventory	230	units	@ $3.20	=	$ 736
March 7	Purchase	500	units	@ $3.75	=	1,875
July 28	Purchase	1,140	units	@ $3.70	=	4,218
October 3	Purchase	1,020	units	@ $4.00	=	4,080
December 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.

(e) Which method yields the highest net income?