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 60
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 60 units-50 units from the January 6 purchase and 10 units from the January 25 purchase. Jan. 1 Beginning inventory Jan. 6 Purchase Jan 17 Purchase Jan. 25 Purchase Totals 138 units @ $3.00 300 units @ $2.80 548 units @ $2.30 22 units @ $2.00 1,000 units 414 840 1,242 44 $ 2,540 09 (a-d) 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 (e) Which method yields the lowest net income? Weighted average FIFO Specific identification
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