Candis Gifts 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 identification, (b) Weighted average, (c) FIFO, and (d) LIFO Which method yields the lowest netincome Jan Beginning inventory Mar 7 Purchase uly 28 Purchase 280 units $3 00$ 840 600 units $2 80 1 680 800 units $2 502,000 Dec 19 Purchase r 250 units $2 00500 $7 550 Totals 3,030 units

Question: Candis Gifts reported the following current-year data for its only product. The company uses a periodic inventory system, and its ending inventory consists of 300

Candis Gifts 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 lowest netincome?

Jan. Beginning inventory Mar.7 Purchase... uly 28 Purchase. 280 units @ $3.00$ 840 600 units @ $2.80 1.680 800 units @ $2.502,000 Dec. 19 Purchase....r 250 units@ $2.00500 $7.550 Totals 3,030 units

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