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

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter13: Accounting For Merchandise Inventory

Section: Chapter Questions

Problem 1MP: Hurst Companys beginning inventory and purchases during the fiscal year ended December 31, 20-2,...

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