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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 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 | ||||
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.) a)Specific Identification
b) Weighted Average
c) LIFO
d) FIFO
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