Answer Happy

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 units-150 from each of the last three purchases. Jan. 1 Beginning inventory. Mar. 7 Purchase July 28 Purchase Oct. 3 Purchase Dec. 19 Purchase 250 units @ $4.00-$1,000 540 units @ $4.25 - 2,295 1,180 units @ $4.50- 1,060 units @ $4.80 - 520 units @ $5.90- 5,310 5,088 3,068 Totals 3,550 units $16,761 (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? Complete this question by entering your answers in the tabs below. Reg A to D Req E 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 2 decimal places.) Ending Inventory Cost of Goods Sold (a) Specific identification (b) Weighted average (c) FIFO (d) LIFO