Martinez Co. 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. (Round per unit costs and inventory amounts to dollars and cents.)

Which method yields the highest netincome?

Transcribed Image Text:

Jan. Beginning inventory 96 units @ $2.00 192 July 28 Purchase..544 units $2.50 1360 160 units @ $2.90464 Dec. 19 Purchase Totals500 units $3,855