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. Determine the cost assigned to ending inventory and to cost of goods sold using (a) specific identification, (b) weighted average, (c) FIFO, and (d) LIFO. (Round per unit costs to three decimals, but inventory balances to the dollar.) Which method yields the highest net income?
Jan. 1
| Beginning inventory | 200 units @ $2.00 = | $ 400 |
Mar. 7 | Purchase | 440 units @ $2.25 = | 990 |
July 28 | Purchase | 1080 units @ $2.50 = | 2,700 |
Oct. 3
| Purchase | 960 units @ $2.80 = | 2,688 |
Dec. 19 | Purchase | 320 units @ $2.90 = | 928 |
| Totals | 3,000 units | $7,706 |
We need at least 10 more requests to produce the solution.
0 / 10 have requested this problem solution
The more requests, the faster the answer.