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Exercise 6-14A (Static) Periodic: Cost flow assumptions LO P3 Lopez Company reported the...

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Accounting

Exercise 6-14A (Static) Periodic: Cost flow assumptions LO P3
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 150 units50 from each of the last three purchases.
January 1 Beginning inventory 96 units @ $2.00= $ 192
March 7 Purchase 220 units @ $2.25=495
July 28 Purchase 544 units @ $2.50=1,360
October 3 Purchase 480 units @ $2.80=1,344
December 19 Purchase 160 units @ $2.90=464
Totals 1,500 units $ 3,855
(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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