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
@ $4.25
2,720
July
28
1,280
@ $5.00
6,400
Oct.
3
1,160
@ $7.00
8,120
Dec.
19
720
@ $8.90
6,408
Totals
4,100
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
Expected delivery within 24 Hours
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