Flora's Gifts reported the following current-month data for its only product. The company uses a periodic inventory system, and its ending inventory consists of 67 units—53 units from the January 6 purchase and 14 units from the January 25 purchase.
Jan. 1 Beginning inventory 155 units @ $3.50 = $ 542.50
Jan. 6 Purchase 324 units @ $3.20 = 1,036.80
Jan. 17 Purchase 560 units @ $2.70 = 1,512.00
Jan. 25 Purchase 26 units @ $2.40 = 62.40
Totals 1,065 units $ 3,153.70
ending inventory & cost of goods sold
a) secific identification
b) weighted average
c) FIFO
d) LIFO
Which method yields the lowest net income