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. 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.) Which method yields the highest net income? LIFO Weighted average FIFO Specific identification.

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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 150 units—50 from each of the last three purchases.

Jan. 1 Beginning inventory 235 units @ $3.40 = $ 799

Mar. 7 Purchase 510 units @ $4.00 = 2,040

July 28 Purchase 1,150 units @ $4.60 = 5,290

Oct. 3 Purchase 1,030 units @ $4.90 = 5,047

Dec. 19 Purchase 460 units @ $5.00 = 2,300

I f we sum the total available for sale:

We have,

Total = 3,385 units $ 15,476

Now, if we move forward to determine the cost assigned to ending inventory and cost of goods sold considering that we have to round our per unit costs to 2 decimal places and final answers to the nearest dollar amount.)

W then have:

Ending inventory Cost of goods sold

(a) Specific identification

Ending Inventory =

(135 x 4.60) + (135 x 4.90) + (135 x 5.00) = $1,958

COGS =

15,476 - 1,958 = $13,518

(b) Weighted average

15,476 / 3,385 = $4.572 cost per unit

Ending Inventory

405 x 4.572 = $1,852

COGS

15,476 - 1,852 = $13,624

c) FIFO

Ending Inventory

405 x $5.00 = $2,025

COGS

15,476 - 2,025 = $13,451

(d) LIFO

Ending Inventory

(235 x 3.40) + (170 x 4.00) = $1,479

COGS

15,476 - 1,479 = $13,997

Which method yields the highest net income?

The one with the highest ending inventory.

FIFO