Fundamental Accounting Principles 22th Edition by John Wild ,Ken Shaw,Barbara Chiappetta

Exercise 23

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 150 units-50 from each of the last three purchases. Determine the cost assigned to ending inventory and to cost of goods sold using ( a ) specific identification, ( b ) weighted average, ( c ) FIFO, and ( d ) LIFO. (Round per unit costs and inventory amounts to cents.) Which method yields the highest net income