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Lopez Company reported the following current-year data for its only proc ending inventory consists of 480 units-160 from each of the last three p

Lopez Company reported the following current-year data for its only proc ending inventory consists of 480 units-160 from each of the last three p

Quickbooks Online Accounting
Quickbooks Online Accounting
3rd Edition
ISBN:9780357391693
Author:Owen
Publisher:Owen
Chapter3: Setting Up A New Company
Section: Chapter Questions
Problem 1.5C
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* 00 T 4. File Edit View History Bookmarks Window Help A ezto.mheducation.com < > Bb Welcome, Aury - Blackb... Close reading assignmen... t Center FEnglish essay - Google D... M MyOpenMath - Gradebook M Question 4 - Chapter 5-.. chapter 5 i Saved Help Save 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. 1 Beginning inventory 260 units @ $4.40 = $ 1,144 2,940 5,880 5,616 3,640 $ 19,220 Jan. Mar. 7 Purchase oints 560 units @ $5.25 1,200 units @ $4.90 = 1,080 units @ $5.20 = 560 units @ $6.50 = %3D July 28 Purchase Oct. 3 Purchase Skipped %3D Dec. 19 Purchase %3D Totals 3,660 units eBook Hint Determine the cost assigned to ending inventory and to cost of goods sold for the following. (Do not round intermediate calculations and round your answers to 2 decimal places.) Print References Ending Inventory Cost of Goods Sold (a) Specific identification (b) Weighted average (c) FIFO (d) LIFO Which method yields the highest net income? ( Prev 4 of 6 Next > Mc Graw II!H étv MAR 9,940 21 MacBook Pro % 2$ i 9. 4. R K. H. A N B.
Transcribed Image Text:* 00 T 4. File Edit View History Bookmarks Window Help A ezto.mheducation.com < > Bb Welcome, Aury - Blackb... Close reading assignmen... t Center FEnglish essay - Google D... M MyOpenMath - Gradebook M Question 4 - Chapter 5-.. chapter 5 i Saved Help Save 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. 1 Beginning inventory 260 units @ $4.40 = $ 1,144 2,940 5,880 5,616 3,640 $ 19,220 Jan. Mar. 7 Purchase oints 560 units @ $5.25 1,200 units @ $4.90 = 1,080 units @ $5.20 = 560 units @ $6.50 = %3D July 28 Purchase Oct. 3 Purchase Skipped %3D Dec. 19 Purchase %3D Totals 3,660 units eBook Hint Determine the cost assigned to ending inventory and to cost of goods sold for the following. (Do not round intermediate calculations and round your answers to 2 decimal places.) Print References Ending Inventory Cost of Goods Sold (a) Specific identification (b) Weighted average (c) FIFO (d) LIFO Which method yields the highest net income? ( Prev 4 of 6 Next > Mc Graw II!H étv MAR 9,940 21 MacBook Pro % 2$ i 9. 4. R K. H. A N B.
* 00 4. D (a) Specific identification (b) Weighted average (c) FIFO (d) LIFO points Skipped eBook Hint Print References Which method yields the highest net income? O Weighted average O FIFO O LIFO O Specific identification Graw < Prev 4 of 6 Next > II!H A MAR 21 étv T. MacBook Pro esc > $ 4 & i # 2 R tab ヨ A G ps lock C. B. control option command
Transcribed Image Text:* 00 4. D (a) Specific identification (b) Weighted average (c) FIFO (d) LIFO points Skipped eBook Hint Print References Which method yields the highest net income? O Weighted average O FIFO O LIFO O Specific identification Graw < Prev 4 of 6 Next > II!H A MAR 21 étv T. MacBook Pro esc > $ 4 & i # 2 R tab ヨ A G ps lock C. B. control option command
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