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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 420
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 420 units140 from each of the last three purchases. Mar. Jan. 1 Beginning inventory 7 Purchase July 28 Purchase Oct. 3 Purchase Dec. 19 Purchase Totals 240 units @ $3.60 520 units @ $4.25 1,160 units @ $4.10 1,040 units @ $4.40 480 units @ $4.60 3,440 units 864 2,210 4,756 4,576 2, 208 $ 14,614 (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 (C) FIFO (d) LIFO
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