Question: I need help calculating the LIFO values. If you can, please explain so that I can learn to do it. Lopez Company reported the following

I need help calculating the LIFO values. If you can, please explain so that I can learn to do it.

I need help calculating the LIFO values. If you can, please explain

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 600 units-200 from each of the last three purchases. = = Jan. 1 Beginning inventory Mar. 7 Purchase July 28 Purchase Oct. 3 Purchase Dec. 19 Purchase Totals 300 units @ $4.00 640 units @ $6.25 1,280 units @ $6.50 1,160 units @ $7.00 720 units @ $8.90 4,100 units = $ 1,200 4,000 8,320 8,120 6,408 $ 28,048 = (a-d) Determine the cost assigned to ending inventory and to cost of goods sold for the following. (e) Which method yields the highest net income? Complete this question by entering your answers in the tabs below. Req A to D ReqE 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 2 decimal places.) Ending Cost of Goods Inventory Sold (a) Specific identification S 4,480.00 $ 23,568.00 (b) Weighted average S 4,104.59 $ 23,943.41 (c) FIFO S 5,340.00 $ 22,708.00 (d) LIFO

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!