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 units200 from each of the last three purchases.

Jan.	1	Beginning inventory	300	units	@ $4.00	=	$	1,200
Mar.	7	Purchase	640	units	@ $4.25	=		2,720
July	28	Purchase	1,280	units	@ $5.00	=		6,400
Oct.	3	Purchase	1,160	units	@ $7.00	=		8,120
Dec.	19	Purchase	720	units	@ $8.90	=		6,408
		Totals	4,100	units			$	24,848

(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 2 decimal places.)

A) specific Identification

B)weighted Average

C)FIFO

D)LIFO (e) Which method yields the highest net income? multiple choice

• FIFO

• LIFO

• Weighted average

• Specific identification