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 600

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 @ $6.25 = 4,000 July 28 Purchase 1,280 units @ $6.50 = 8,320 Oct. 3 Purchase 1,160 units @ $7.00 = 8,120 Dec. 19 Purchase 720 units @ $8.90 = 6,408 Totals 4,100 units $ 28,048

(a-d) Determine the cost assigned to ending inventory andI to cost of goods sold for the following. (Do not round intermediate calculations and round your answers to 2 decimal places.)

I need to find the values for X below:

Ending Inventory Cost of Goods Sold
a. Specific Identification $4480 X
b. Weighted Average X X
c. FIFO $5340 X
d. LIFO X $24,973

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!