BUSINESS C 2213-Lopez Company reported the following current-year
Question # 00412943
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Updated on: 10/25/2016 12:25 AM Due on: 10/25/2016
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 | 250 | units | @ $4.00 | = | $ | 1,000 |
| Mar. | 7 | Purchase | 540 | units | @ $4.75 | = | 2,565 | |
| July | 28 | Purchase | 1,180 | units | @ $4.50 | = | 5,310 | |
| Oct. | 3 | Purchase | 1,060 | units | @ $5.80 | = | 6,148 | |
| Dec. | 19 | Purchase | 520 | units | @ $5.90 | = | 3,068 | |
| Totals | 3,550 | units | $ | 18,091 | ||||
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.) |
| Which method yields the highest net income? | ||||
specific identification weighted average FIFO LIFO |
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Solution: BUSINESS C 2213-Lopez Company reported the following current-year