Exercise 6-15A Periodic: Cost flow assumptions LO P3 Flora's Gifts reported the following current-month data...
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Exercise 6-15A Periodic: Cost flow assumptions LO P3 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 units-70 units from the January 6 purchase and 30 units from the January 25 purchase. Jan. Jan. 1 Beginning inventory 6 Purchase Jan. 17 Purchase Jan. 25 Purchase 240 units @ $5.00 410 units @ $4.60 640 units @ $4.30 42 units @ $4.00 1,332 units - $1,200.00 = 1,886.00 = 2,752.00 168.00 $6,006.00 Totals 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 Which method yields the lowest net income? OLIFO Weighted average Specific identification O FIFO
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