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 450 units150 from each of the last three purchases. January 1 Beginning inventory 250 units @ $4.00 = $ 1,000 March 7 Purchase 540 units @ $4.75 = 2,565 July 28 Purchase 1,180 units @ $4.50 = 5,310 October 3 Purchase 1,060 units @ $5.80 = 6,148 December 19 Purchase 520 units @ $5.90 = 3,068 Totals 3,550 units $ 18,091 (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
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