Lopez Company reported the following current-year data for its only product. The company uses a...
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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 March 7 July 28 October 3 December 19 Beginning inventory Purchase Purchase Purchase Purchase 96 units @ $2.00 220 units @ $2.25 544 units @ $2.50 480 units @ $2.80 160 units @ $2.90 1,500 units $ 192 495 1,360 1,344 464 Totals $ 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? Complete this question by entering your answers in the tabs below. Reg A to D Reg E 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
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