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 units50 from each of the last three purchases Determine the cost assigned to ending inventory and to cost of goods sold using (a) Specif...

Ending Inventory Cost of Goods Sold a Specific identificatio ...

Lopez Company reported the following current-year data for its only product. The company uses a periodic inventory

Question:

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?

Ending Inventory
The ending inventory is the amount of inventory that a business is required to present on its balance sheet. It can be calculated using the ending inventory formula Ending Inventory Formula =...