Lopez Co reported the following current year data for its only product The company uses a periodic inventory system, and its ending inventory consists of 300 units100 from each of the last three purchases Determine the cost assigned to ending inventory and to cost of goods sold using (a) Specific i...

Ending Inventory Cost of Goods Sold a Specific identification 100 x 290 100 x 280 100 x 250 ...

Lopez Co. reported the following current-year data for its only product. The company uses a periodic inventory

Question:

Lopez Co. reported the following current-year data for its only product. The company uses a periodic inventory system, and its consists of 300 units€”100 from each of the last three purchases. Determine the cost assigned to and to cost of goods sold using
(a) Specific identification,
(b) Weighted average,
(c) FIFO, and
(d) LIFO.
Which method yields the highest netincome?

Ending Inventory
The ending inventory is the amount of inventory that a business is required to present on its balance sheet. It can be calculated using the ending inventory formula Ending Inventory Formula =...