Answered step by step
Verified Expert Solution
Question
1 Approved Answer
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 | @ $4.25 | = | 2,720 | |
July | 28 | Purchase | 1,280 | units | @ $5.00 | = | 6,400 | |
Oct. | 3 | Purchase | 1,160 | units | @ $7.00 | = | 8,120 | |
Dec. | 19 | Purchase | 720 | units | @ $8.90 | = | 6,408 | |
Totals | 4,100 | units | $ | 24,848 | ||||
Determine the cost assigned to ending inventory and to cost of goods sold for the following. (Do not round weighted average per unit costs and round your answers to 2 decimal places.) |
Ending Inventory Cost of Goods Sold (a)Specific identification (b)Weighted average (c)FIFO (d)LIFO |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started