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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 units-200 from each of the last three purchases. Jan. 1 Beginning inventory Mar. 7 Purchase July 28 Purchase Oct. 3 Purchase Dec. 19 Purchase Totals 300 units @ $5.00 - $ 1,800 640 units $5.25 - 4,000 1,280 units @ $6.50 8,320 1,160 units $7.00 8,120 720 units $8.90 - 6,400 4,100 units $28,648 (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.) Ending Inventory Cost of Goods Sold (a) Specific identification (b) Weighted average (c) FIFO (d) LIFO Dec. 19 Purchase Totals 720 units @ $8.90 - 6,408 4,100 units $ 28,648 (a-d) Determine the cost assigned to ending inventory and to cost of goods sol calculations and round your answers to 2 decimal places.) & Answer is complete but not entirely correct. (a) (b) (c) (d) Specific identification Weighted average FIFO LIFO Ending Cost of Inventory Goods Sold $ 4,180.00 $ 20,668.00 X $ 3,636.00 X $ 21,212.00 X $ 5,340.00 $ 19,508.00 $ 2,475.00 $ 22,373.00
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