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  3. flora's gifts reported the following current-month

Flora's Gifts reported the following current-month data for its only product. The company uses a...

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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. Beginning Jan. 1 inventory Jan. 6 Purchase Jan. 17 Purchase @ 240 units $5.00 = $1,200.00 @ 410 units = 1,886.00 $4.60 @ 640 units = 2,752.00 $4.30 42 units 168.00 $4.00 1,332 units $6,006.00 Jan. 25 Purchase 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 Cost of Inventory Goods Sold Specific (a) identification Weighted (b) average (C) FIFO (d) LIFO Which method yields the lowest net income? FIFO

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