Genesis Gifts reported the following current-year data for its only product. The company uses a periodic inventory system, and its ending inventory consists of 360 units—120 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 to three decimals, but inventory balances to the dollar.) Which method yields the lowest net income?

Jan. I Beginning inventory 290 units $2.80 812 Mar. 7 Purchase 610 units @ $2.70 = 1647 .. 810 units $2.401,944 I,110 units $2.202,442 260 units @ $190494 $7,339 July 28 Purchase Oct. 3 Purchase . Dec. 9 Purchase ..2 Totals.... 3,080 units