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29.02.2020 •
Business
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 for the following. (Do not round intermediate calculations and round your answers to 2 decimal places.) Which method yields the highest net income? LIFO Weighted average FIFO Specific identification.
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Answer / Explanation
The question is incomplete because we have not been provided with the inventory data. This con be found in search engines. However, kindly find the complete question below.
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 150 units—50 from each of the last three purchases.
Jan. 1 Beginning inventory 235 units @ $3.40 = $ 799
Mar. 7 Purchase 510 units @ $4.00 = 2,040
July 28 Purchase 1,150 units @ $4.60 = 5,290
Oct. 3 Purchase 1,030 units @ $4.90 = 5,047
Dec. 19 Purchase 460 units @ $5.00 = 2,300
I f we sum the total available for sale:
We have,
Total = 3,385 units $ 15,476
Now, if we move forward to determine the cost assigned to ending inventory and cost of goods sold considering that we have to round our per unit costs to 2 decimal places and final answers to the nearest dollar amount.)
W then have:
Ending inventory Cost of goods sold
(a) Specific identification
Ending Inventory =
(135 x 4.60) + (135 x 4.90) + (135 x 5.00) = $1,958
COGS =
15,476 - 1,958 = $13,518
(b) Weighted average
15,476 / 3,385 = $4.572 cost per unit
Ending Inventory
405 x 4.572 = $1,852
COGS
15,476 - 1,852 = $13,624
c) FIFO
Ending Inventory
405 x $5.00 = $2,025
COGS
15,476 - 2,025 = $13,451
(d) LIFO
Ending Inventory
(235 x 3.40) + (170 x 4.00) = $1,479
COGS
15,476 - 1,479 = $13,997
Which method yields the highest net income?
The one with the highest ending inventory.
FIFO
Ответ:
no one is completely self-sufficient?
Explanation:
i look i on answers.com