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 units @ $6.25 = 4,000 July 28 Purchase 1,280 units @ $6.50 = 8,320 Oct. 3 Purchase 1,160 units @ $7.00 = 8,120 Dec. 19 Purchase 720 units @ $8.90 = 6,408 Totals 4,100 units $ 28,048 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. Jan. 1 Beginning inventory 300 units @ $4.00 = $ 1,200 Mar. 7 Purchase 640 units @ $6.25 = 4,000 July 28 Purchase 1,280 units @ $6.50 = 8,320 Oct. 3 Purchase 1,160 units @ $7.00 = 8,120 Dec. 19 Purchase 720 units @ $8.90 = 6,408 Totals 4,100 units $ 28,048 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.)
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.
| Jan. | 1 | Beginning inventory | 300 | units | @ $4.00 | = | $ | 1,200 |
| Mar. | 7 | Purchase | 640 | units | @ $6.25 | = | 4,000 | |
| July | 28 | Purchase | 1,280 | units | @ $6.50 | = | 8,320 | |
| Oct. | 3 | Purchase | 1,160 | units | @ $7.00 | = | 8,120 | |
| Dec. | 19 | Purchase | 720 | units | @ $8.90 | = | 6,408 | |
| Totals | 4,100 | units | $ | 28,048 | ||||
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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