Lopez Co. reported the following current-year data for its only product. The company uses a...
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Lopez Co. reported the following current-year data for its only product. The company uses a periodic inventory system, and its ending inventory consists of 300 units-100 from each of the last three purchases. Jan. 1 Beginning inventory Mar. 7 Purchase July 28 Purchase Oct. 3 Purchase Dec. 19 Purchase 200 units $2.00 400 440 units @$2.25= 990 1080 units @ $2.50= 2,700 960 units $2.802,688 320 units @$2.00= 928 Totals 3,000 units $ 7,706 Determine the cost assigned to ending inventory and to cost of goods sold for the following. (Round your per unit costs to 2 decimal places and final answers to the nearest dollar amount. Omit the "$ sign in your response.) Ending inventory Cost of goods sold (a) Specific identification (b) Weighted average (c) FIFO (d) LIFO Which method yields the highest net income? OLIFO Weighted average OFIFO OSpecific identification
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