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

Exercise 40

Flora's Gifts reported the following current-month data for its only product. The company uses a periodic inventory system, and its ending inventory consists of 60 units-50 units from the January 6 purchase, and 10 units from the January 25 purchase. 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 lowest net income