Question
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
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 units200 from each of the last three purchases. Jan. 1 Beginning inventory 300 units @ $4.00 = $ 1,200 Mar. 7 Purchase 640 units @ $6.25 = 4,000 July 28 Purchase 1,280 units @ $6.50 = 8,320 Oct. 3 Purchase 1,160 units @ $7.00 = 8,120 Dec. 19 Purchase 720 units @ $8.90 = 6,408 Totals 4,100 units $ 28,048
(a-d) Determine the cost assigned to ending inventory andI to cost of goods sold for the following. (Do not round intermediate calculations and round your answers to 2 decimal places.)
I need to find the values for X below:
Ending Inventory | Cost of Goods Sold | |
a. Specific Identification | $4480 | X |
b. Weighted Average | X | X |
c. FIFO | $5340 | X |
d. LIFO | X | $24,973 |
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