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 330

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 330 units110 from each of the last three purchases

Jan. 1 Beginning inventory 210 units @ $2.40 = $ 504
Mar. 7 Purchase 460 units @ $2.75 = 1,265
July 28 Purchase 1,100 units @ $2.90 = 3,190
Oct. 3 Purchase 980 units @ $3.20 = 3,136
Dec. 19 Purchase 360 units @ $3.40 = 1,224
Totals 3,110 units $ 9,319

Determine the cost assigned to ending inventory and to cost of goods sold for the following. (Do not round weighted average per unit costs and round your answers to 2 decimal places.)

Ending Inventory Cost of Goods Sold

A Specific Identification

B. Weighted Average

C. FIFO

D. LIFO

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