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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 480
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 480 units---160 from each of the last three purchases. Jan. 1 Beginning inventory Mar. 7 Purchase July 28 Purchase 260 units e $3.20 - $ 832 560 units $3.45 1,932 1,200 units $3.70 - 4.440 1,080 units e$5.20 - 5,616 560 unitse $6.50 3.640 3,660 units $16,460 Oct. Purchase Dec. 19 Purchase 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.) 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 480 units160 from each of the last three purchases. Jan. 1 Beginning inventory Mar. 7 Purchase July 28 Purchase Oct. 3 Purchase Dec. 19 Purchase 260 units e $3.20 - $ 832 560 units e$3.45- 1,932 1,200 units $3.70 4,440 1,080 units & $5.20 - 5,616 560 unitse $6.50 - 3,640 3,660 units $ 16,460 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.) Ending Inventory Cost of Goods Sold (a) Specific identification (b) Weighted average (c) FIFO (d) LIFO
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