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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 360
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 360 units120 from each of the last three purchases. Jan. 1 Beginning inventory Mar. 7 Purchase July 28 Purchase Oct. 3 Purchase Dec. 19 Purchase Totals 220 units 480 units 1,120 units 1,000 units 400 units 3,220 units @ $2.40 @ $3.05 @ $2.99 @ $3.60 @ $4.10 528 1,464 3,248 3,600 1,640 $ 10,480 Required: Determine the cost assigned to ending inventory and to cost of goods sold for the following. (Round average cost per unit and final 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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