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 540

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 540 units180 from each of the last three purchases.

Jan. 1 Beginning inventory 280 units @ $5.20 = $ 1,456
Mar. 7 Purchase 600 units @ $6.25 = 3,750
July 28 Purchase 1,240 units @ $5.70 = 7,068
Oct. 3 Purchase 1,120 units @ $6.00 = 6,720
Dec. 19 Purchase 640 units @ $6.10 = 3,904
Totals 3,880 units $ 22,898

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.)

----Need help filling chart out this chart:

Ending Inventory Cost of Goods Sold
(a) Specific identification
(b) Weighted average
(c) FIFO
(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!

Q:

\f