Lopez Company reported the following current-year data for its only product. The company uses a periodic...

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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 420 units-140 from each of the last three purchases. Jan. 1 Beginning inventory Mar. 7 Purchase July 28 Purchase Oct. 3 Purchase Dec. 19 Purchase Totals 240 units @ $3.60 = $ 520 units @ $4.25 = 1,160 units @ $4.10 = 1,040 units @ $4.40 = 480 units @ $4.60 = 3,440 units (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? Complete this question by entering your answers in the tabs below. (a) Specific identification (b) Weighted average (c) FIFO (d) LIFO 864 2,210 4,756 4,576 2,208 $ 14,614 Req A to D Req E 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.) Ending Inventory Cost of Goods Sold 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 420 units-140 from each of the last three purchases. Jan. 1 Beginning inventory Mar. 7 Purchase July 28 Purchase Oct. 3 Purchase Dec. 19 Purchase Totals 240 units @ $3.60 = $ 520 units @ $4.25 = 1,160 units @ $4.10 = 1,040 units @ $4.40 = 480 units @ $4.60 = 3,440 units (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? Complete this question by entering your answers in the tabs below. (a) Specific identification (b) Weighted average (c) FIFO (d) LIFO 864 2,210 4,756 4,576 2,208 $ 14,614 Req A to D Req E 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.) Ending Inventory Cost of Goods Sold

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To determine the cost assigned to ending inventory and cost of goods sold using different inventory costing methods well go through each method one by ... View the full answer