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

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

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. January 1, March 7 July 28. October 3 December 19 Beginning inventory Purchase Purchase Purchase Purchase Totals. 300 units@ $6.00 640 units@ $6.25 1,280 units @ $6.50 1,160 units @ $6.80 720 units @ $8.90 4,100 units. $1,800 4,000 8,320 7,888 6,408 $ 28,416 (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?

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a FIFO FirstIn FirstOut Under the FIFO method the first units purchased are assumed to be the first ones sold Calculate the cost of goods sold COGS us... View full answer

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