Answered step by step
Verified Expert Solution
Question
00
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 units-200 from each of the last three purchases. Beginning inventory = S 1,800 300 units Jan. 1 $6.00 Mar. 7 Purchase 640 units 4,000 = $6.25 July 28 Purchase 1,280 units 8,320 = $6.50 1,160 units Oct. 3 Purchase 8,120 $7.00 720 units 6,408 Dec. 19 Purchase = $8.90 4,100 units $28,648 Totals 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.) Cost of Ending Inventory Goods Sold 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 with AI-Powered 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