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 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 | 220 | units | @ $2.80 | = | $ | 616 |
| Mar. | 7 | Purchase | 480 | units | @ $3.25 | = | 1,560 | |
| July | 28 | Purchase | 1,120 | units | @ $3.30 | = | 3,696 | |
| Oct. | 3 | Purchase | 1,000 | units | @ $3.60 | = | 3,600 | |
| Dec. | 19 | Purchase | 400 | units | @ $3.70 | = | 1,480 | |
| Totals | 3,220 | units | $ | 10,952 | ||||
| | ||||||||
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.)
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Advanced Accounting
Authors: Joe Hoyle, Thomas Schaefer, Timothy Doupnik
10th edition
0-07-794127-6, 978-0-07-79412, 978-0077431808
