Lopez Company reported the following current-year data for its only product. The

Question

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 330 units—110 from each of the last three purchases

Determine the cost assigned to ending inventory and to cost of goods sold for the following. (Do not round weighted average per unit costs and round your answers to 2 decimal places.)

Ending Inventory Cost of Goods Sold

A Specific Identification

B. Weighted Average

C. FIFO

D. LIFO

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 330 units—110 from each of the last three purchases

Explanation / Answer

B.

C.

D. LIFO METHOD

Specific identification method 110 units from each purchase unit rate 110 2.9 319 110 3.2 352 110 3.4 374 Ending inentory 1045 Total material cost 9319 cost of goods sold 8274

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