Lopez Company reported the following current year data for its only
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 150 units—50 from each of the last three purchases. Determine the cost assigned to ending inventory and to cost of goods sold using
(a) Specific identification,
(b) Weighted average,
(c) FIFO,
(d) LIFO.
Which method yields the highest net income?
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