Question: 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

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?

Jan. Beginning inventory Mar. 7 Purchase.. July 28 Purchase. 200 units @ $2.00400 440 units @ $2.25990 1080 units 960 units @ $2.802688 320 units $2.90 928 $7,706 Dec. 19 Purchase. Totals 3.000 units

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