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 | ||||||
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