6 Lopez Company reported the following current-year data for its only product. The company uses a periodic inventory system, and itsending inventory consists of 330 units-110 from each of the last three purchases.July 28January 1March 7Beginning inventoryPurchasePurchaseOctober 3PurchaseDecember 19PurchaseTotals210 units @ $2.40460 units @ $2.751,100 units @ $2.90980 units @ $3.20360 units @ $3.403,110 units$ 5041,2653,1903,1361,224$ 9,319(a-d) Determine the cost assigned to ending inventory and to cost of goods sold for the following.(e) Which method yields the highest net income?Answer is not complete.Complete this question by entering your answers in the tabs below.Req A to DReq EDetermine the cost assigned to ending inventory and to cost of goods sold for the following.Note: Do not round intermediate calculations and round your answers to 2 decimal places.Cost of GoodsSoldEndingInventory(a) Specific identification$ 1,045.00$8,274.00(b) Weighted averageS990.00$8,329.00 ×(c) FIFO(d) LIFO< Req A to DReq E >

Name: 6 Lopez Company reported the following current-year data for its only
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Description: 6 Lopez Company reported the following current-year data for its only product. The company uses a periodic inventory system, and itsending inventory consists of 330 units-110 from each of the last three purchases.July 28January 1March 7Beginning inve

The different method of inventory valuation is as follows:FIFO(First in first out):- Under FIFO, it…

Business

Accounting

January 1 Beginning inventory March 7 Purchase July 28 Purchase October 3 Purchase December 19 Purchase Totals 460 units @ $2.75 1,100 units @ $2.90 210 units @ $2.40 $ 504 1,265 3,190 3,136 1,224 $ 9,319 980 units @ $3.20 360 units @ $3.40 3,110 units

January 1 Beginning inventory March 7 Purchase July 28 Purchase October 3 Purchase December 19 Purchase Totals 460 units @ $2.75 1,100 units @ $2.90 210 units @ $2.40 $ 504 1,265 3,190 3,136 1,224 $ 9,319 980 units @ $3.20 360 units @ $3.40 3,110 units

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.

Topic Video

Question

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 330 units-110 from each of the last three purchases.
July 28
January 1
March 7
Beginning inventory
Purchase
Purchase
October 3
Purchase
December 19
Purchase
Totals
210 units @ $2.40
460 units @ $2.75
1,100 units @ $2.90
980 units @ $3.20
360 units @ $3.40
3,110 units
$ 504
1,265
3,190
3,136
1,224
$ 9,319
(a-d) Determine the cost assigned to ending inventory and to cost of goods sold for the following.
(e) Which method yields the highest net income?
Answer is not complete.
Complete this question by entering your answers in the tabs below.
Req A to D
Req E
Determine the cost assigned to ending inventory and to cost of goods sold for the following.
Note: Do not round intermediate calculations and round your answers to 2 decimal places.
Cost of Goods
Sold
Ending
Inventory
(a) Specific identification
$ 1,045.00
$
8,274.00
(b) Weighted average
S
990.00
$
8,329.00 ×
(c) FIFO
(d) LIFO
< Req A to D
Req E >

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Step 1: Explain different methods of inventory valuation

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Step 2: Calculate COGS and ending inventory using specific identification

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Step 3: Calculate COGS and ending inventory using weighted-average

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Step 4: Calculate COGS and ending inventory using FIFO

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Step 5: Calculate COGS and ending inventory using LIFO

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