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 540 units180 from each of the last three purchases.

Jan.	1	Beginning inventory	280	units	@ $5.20	=	$	1,456
Mar.	7	Purchase	600	units	@ $6.25	=		3,750
July	28	Purchase	1,240	units	@ $5.70	=		7,068
Oct.	3	Purchase	1,120	units	@ $6.00	=		6,720
Dec.	19	Purchase	640	units	@ $6.10	=		3,904
		Totals	3,880	units			$	22,898

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
(a)	Specific identification
(b)	Weighted average
(c)	FIFO
(d)	LIFO

Question 2:

Flora's Gifts reported the following current-month data for its only product. The company uses a periodic inventory system, and its ending inventory consists of 100 units70 units from the January 6 purchase and 30 units from the January 25 purchase.

Jan.	1	Beginning inventory	240	units	@ $5.00	=	$	1,200.00
Jan.	6	Purchase	410	units	@ $4.60	=		1,886.00
Jan.	17	Purchase	640	units	@ $4.30	=		2,752.00
Jan.	25	Purchase	42	units	@ $4.00	=		168.00
		Totals	1,332	units			$	6,006.00

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 nearest whole dollar.)

		Ending Inventory	Cost of Goods Sold
(a)	Specific identification
(b)	Weighted average
(c)	FIFO
(d)	LIFO

Question 3

Martinez Company's ending inventory includes the following items.

Product	Units	Cost per Unit				Market per Unit
Helmets	37		$	59			$	55
Bats	30			77				83
Shoes	51			96				100
Uniforms	55			41				41

Compute the lower of cost or market for ending inventory applied separately to each product.

		Per Unit		Total
Inventory Items	Units	Cost	Market	Cost	Market	LCM Applied to Items
Helmets	37	$59	$55
Bats	30	77	83
Shoes	51	96	100
Uniforms	55	41	41
				$0	$0