Determine the cost assigned to ending inventory and


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 600 units-200 from each of the last three purchases.

 

 

 

 

 

 

 

 

 

  Jan.

1

  Beginning inventory

300

units

@ $4.00

=

$

1,200

  Mar.

7

  Purchase

640

units

@ $4.25

=

 

2,720

  July

28

  Purchase

1,280

units

@ $5.00

=

 

6,400

  Oct.

3

  Purchase

1,160

units

@ $7.00

=

 

8,120

  Dec.

19

  Purchase

720

units

@ $8.90

=

 

6,408

 

 

 

 

 

 

 

 

 

 

 

  Totals

4,100

units

 

 

$

24,848

 

 

 

 

 

 

 

 

 

 

Determine the cost assigned to ending inventory and to cost of goods sold for the following. (Do not round weighted average per unit costs and round your answers to 2 decimal places.)

Ending Inventory Cost of Goods Sold

(a)Specific identification

(b)Weighted average

(c)FIFO

(d)LIFO

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Financial Accounting: Determine the cost assigned to ending inventory and
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