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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. Beginning inventory Mar. 7 Purchase July 28 Purchase Jan. 1 Oct. 3 Purchase Dec. 19 Purchase Totals 300 units Specific (a) identification (b) Weighted average (c) FIFO (d) LIFO 640 units 1,280 units 1,160 units 720 units 4,100 units @ $6.00 @ $6.25 @ $6.50 @ $7.00 @ $8.90 Ending Inventory = $ 1,800 4,000 8,320 8,120 6,408 $28,648 Cost of Goods Sold = Determine the cost assigned to ending inventory and to cost of goods sold for the following. (Do not round intermediate calculations and round your answers to 2 decimal places.) = =

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. Beginning inventory Mar. 7 Purchase July 28 Purchase Jan. 1 Oct. 3 Purchase Dec. 19 Purchase Totals 300 units Specific (a) identification (b) Weighted average (c) FIFO (d) LIFO 640 units 1,280 units 1,160 units 720 units 4,100 units @ $6.00 @ $6.25 @ $6.50 @ $7.00 @ $8.90 Ending Inventory = $ 1,800 4,000 8,320 8,120 6,408 $28,648 Cost of Goods Sold = Determine the cost assigned to ending inventory and to cost of goods sold for the following. (Do not round intermediate calculations and round your answers to 2 decimal places.) = =

FINANCIAL ACCOUNTING
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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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. Beginning inventory Mar. 7 Purchase July 28 Purchase Jan. 1 Oct. 3 Purchase Dec. 19 Purchase Totals 300 units Specific (a) identification (b) Weighted average (c) FIFO (d) LIFO 640 units 1,280 units 1,160 units 720 units 4,100 units @ $6.00 @ $6.25 @ $6.50 @ $7.00 @ $8.90 Ending Inventory = $ 1,800 4,000 8,320 8,120 6,408 $28,648 Cost of Goods Sold = Determine the cost assigned to ending inventory and to cost of goods sold for the following. (Do not round intermediate calculations and round your answers to 2 decimal places.) = =
Transcribed Image Text: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. Beginning inventory Mar. 7 Purchase July 28 Purchase Jan. 1 Oct. 3 Purchase Dec. 19 Purchase Totals 300 units Specific (a) identification (b) Weighted average (c) FIFO (d) LIFO 640 units 1,280 units 1,160 units 720 units 4,100 units @ $6.00 @ $6.25 @ $6.50 @ $7.00 @ $8.90 Ending Inventory = $ 1,800 4,000 8,320 8,120 6,408 $28,648 Cost of Goods Sold = Determine the cost assigned to ending inventory and to cost of goods sold for the following. (Do not round intermediate calculations and round your answers to 2 decimal places.) = =
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