Basic Accounting Homework (Very Easy for Accountants)

3. value:1.00 points

Ch 6. Homework - Group C (graded) instructions | help

Exercise 6-13A Alternative cost flow assumptions-periodic L.O. P3 Lopez Co. reported the following current-year data for its only product. The company uses a periodic inventory system, and its ending inventory consists of 375 units—125 from each of the last three purchases. Jan. 1 Beginning inventory 225 units @ $3.00 = $ 675 Mar. 7 Purchase 490 units @ $3.50 = 1,715 July 28 Purchase 1,130 units @ $4.00 = 4,520 Oct. 3 Purchase 1,010 units @ $4.30 = 4,343 Dec. 19 Purchase 420 units @ $4.40 = 1,848 Totals 3,275 units $ 13,101 Determine the cost assigned to ending inventory and to cost of goods sold for the following. (Round your per unit costs to 3 decimal places and final answers to the nearest dollar amount. Omit the "$" sign in your response.) Ending inventory Cost of goods sold (a) Specific identification $ $ (b) Weighted average $ $ (c) FIFO $ $ (d) LIFO $ $ Which method yields the highest net income?

Weighted average FIFO LIFO Specific identification

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Daniel NashPrinciples of Accounting I: acg2001_474426