Question: Flora s Gifts reported the following current monthly data for its

Flora’s Gifts reported the following current- monthly data for its only product. The company uses a periodic inventory system, and its ending inventory consists of 60 units— 50 units from the January 6 purchase, and 10 units from the January 25 purchase. Determine the cost assigned to ending inventory and to cost of goods sold using
(a) Specific identification,
(b) Weighted average,
(c) FIFO,
(d) LIFO. (Round per unit costs and inventory amounts to dollars and cents.)

Which method yields the lowest netincome?

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  • CreatedNovember 26, 2013
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