Question: 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

Lopez Company reported the following current-year data for its only product. The company uses a periodic inventory system, and its consists of 150 units€”50 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,
(d) LIFO.
Which method yields the highest net income?

Jan. Beginning inventory Mar 7 Purchase July 28 Purchase Oct. 3 Purchase Dec. 19 Purchase 96 units $2.00192 220 units@ $2.25 495 544 units @ $2.501,360 480 units @ $2.80 = 1.344 160 units @ $2.90464 $3,855 Totals 1,500 units

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