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https/ewconnect.m ml Exercise 6-14A 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 units-50 from each of the last three purchases 96 units $2.00- 192 220 units $2.25495 544 units $2.501,360 480 units 52.80- 1,344 16eunitse $2.90 . 464 3,855 Mar. 7 Purchase uly 28 Purchase Oct3 Purchase Dec. 19 Purchase Totals 1,500 units Determine the cost assigned to ending inventory and to cost of goods sold for the following. (Do not round intermediste calculetions and round your answers to 2 decimal places.) (a) Specific (e) FIFo LIFO Which method yields the highest net income O Specific identification O Weighted average FIFO LIFO https/ewconnect.m ml Exercise 6-14A 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 units-50 from each of the last three purchases 96 units $2.00- 192 220 units $2.25495 544 units $2.501,360 480 units 52.80- 1,344 16eunitse $2.90 . 464 3,855 Mar. 7 Purchase uly 28 Purchase Oct3 Purchase Dec. 19 Purchase Totals 1,500 units Determine the cost assigned to ending inventory and to cost of goods sold for the following. (Do not round intermediste calculetions and round your answers to 2 decimal places.) (a) Specific (e) FIFo LIFO Which method yields the highest net income O Specific identification O Weighted average FIFO LIFO

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