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 @ $6.00 = $ 1,800

Mar. 7 Purchase 640 units @ $7.25 = 4,640

July 28 Purchase 1,280 units @ $6.50 = 8,320

Oct. 3 Purchase 1,160 units @ $8.80 = 10,208

Dec. 19 Purchase 720 units @ $8.90 = 6,408

Totals 4,100 units $ 31,376

1. Determine the cost assigned to ending inventory and to cost of goods sold for the following. (Round average cost per unit and final answers to 2 decimal places.)

2. Which method yields the highest net income?

	FIFO
	Weighted average
	LIFO
	Specific identification