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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 450
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 450 units150 from each of the last three purchases. = Jan. 1 Beginning inventory Mar. 7 Purchase July 28 Purchase Oct. 3 Purchase Dec. 19 Purchase 250 units @ $4.00 540 units @ $4.75 1,180 units @ $4.50 1,060 units @ $5.80 520 units @ $5.90 3,550 units = $ 1,000 2,565 5,310 6,148 3,068 $ 18,091 Totals (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.) X Answer is complete but not entirely correct. (a) (b) (c) (d) Specific identification Weighted average FIFO Ending Cost of Inventory Goods Sold $ 2,430.00 $ 15,661.00 $ 2,295.00 X $ 15,796.00 X $ 2,655.00 $ 15,223.00 X $ 1,950.00 $ 16,141.00 LIFO
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