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 150 units50 from each of the last three purchases.

Jan.1Beginning inventory96units@ $2.00=$192Mar.7Purchase220units@ $2.25=495July28Purchase544units@ $2.50=1,360Oct.3Purchase480units@ $2.80=1,344Dec.19Purchase160units@ $2.90=464Totals1,500units$3,855

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.)

Which method yields the highest net income?

• Specific identification
• LIFO
• Weighted average
• FIFO