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. (a) Specific identification (b) Weighted average Ending Inventory Cost of Goods Sold 亞 (c) FIFO (d) LIFO Req A to D Req E>
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. (a) Specific identification (b) Weighted average Ending Inventory Cost of Goods Sold 亞 (c) FIFO (d) LIFO Req A to D Req E>
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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 480 units-160 from each of the last three purchases.
January 1
Beginning inventory
March 7
Purchase
July 28
Purchase
October 3
Purchase
December 19
Purchase
Totals
260 units @ $3.20
560 units @ $3.45
1,200 units @ $3.70
1,080 units @ $5.20
560 units @ $6.50
3,660 units
$ 832
=
=
1,932
4,440
5,616
3,640
$ 16,460
(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?
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.
Ending
Inventory
Cost of Goods
Sold
(a) Specific identification
(b) Weighted average
(c) FIFO
(d) LIFO
+
Req A to D
Req E >
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VIEWStep 4: (c) Computation of cost assigned to ending inventory and to cost of goods sold using FIFO:
VIEWStep 5: (d) Computation of cost assigned to ending inventory and to cost of goods sold using LIFO:
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