Question: Flora's Gifts reported the following current-month data for its only product. The company uses a periodic inventory system, and its ending inventory consists of 63
Flora's Gifts reported the following current-month data for its only product. The company uses a periodic inventory system, and its ending inventory consists of 63 units-51 units from the January 6 purchase and 12 units from the January 25 purchase. January 1 January 6 January 17 Beginning inventory Purchase January 25 Purchase Purchase Totals 145 units @ $3.50 N $507.50 303 units $2.80 550 units @ $2.50 848.40 1,375.00 24 units @$2.20 52.80 $ 1,022 units 2,783.70 (a-d) Determine the cost assigned to ending inventory and to cost of goods sold for the following. (e) Which method yields the lowest net income? Complete this question by entering your answers in the tabs below... Req A to D Req E Determine the cost assigned to ending inventory and to cost of goods sold for the following. (Do not round intermediate calculations and round your answers to nearest whole dollar.) Ending Inventory Cost of Goods Sold (a) Specific identification (b) Weighted average (c) FIFO (d) LIFO Flora's Gifts reported the following current-month data for its only product. The company uses a periodic inventory system, and its ending Inventory consists of 63 units-51 units from the January 6 purchase and 12 units from the January 25 purchase. January 1 Beginning inventory January 6 January 17 January 25 Purchase Purchase Purchase Totals 145 units $3.50 303 units $2.80 550 units @$2.50 24 units $2.20 1,022 units -$507.50 848.40 1,375.00 52.80 $ 2,783.70 (a-d) Determine the cost assigned to ending inventory and to cost of goods sold for the following. (e) Which method yields the lowest net income? Complete this question by entering your answers in the tabs below.. Reg A to D Req E Which method yields the lowest net income? Which method yields the lowest net income
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