ez Company reported the following current-year data for its only product. The company uses a periodic inventory syste ng inventory consists of 360 units-120 from each of the last three purchases. anuary 1 arch 7 Beginning inventory Purchase ly 28 Purchase ctober 3 Purchase ecember 19 Purchase Totals 220 units @ $2.80 480 units @ $3.25 1,120 units @ $3.30 1,000 units @ $3.60 400 units @ $3.70 3,220 units = $ 616 =1 1,560 = 3,696 3,600 =1 1,480 $ 10,952 1) Determine the cost assigned to ending inventory and to cost of goods sold for the following. Which method yields the highest net income?

ez Company reported the following current-year data for its only product. The company uses a periodic inventory syste ng inventory consists of 360 units-120 from each of the last three purchases. anuary 1 arch 7 Beginning inventory Purchase ly 28 Purchase ctober 3 Purchase ecember 19 Purchase Totals 220 units @ $2.80 480 units @ $3.25 1,120 units @ $3.30 1,000 units @ $3.60 400 units @ $3.70 3,220 units = $ 616 =1 1,560 = 3,696 3,600 =1 1,480 $ 10,952 1) Determine the cost assigned to ending inventory and to cost of goods sold for the following. Which method yields the highest net income?

Name: None Lopez Company reported the following current-year data for its on
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Description: None Lopez Company reported the following current-year data for its only product. The company uses a periodic inventory system, and itsending inventory consists of 360 units-120 from each of the last three purchases.January 1Beginning inventoryMarch

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter13: Accounting For Merchandise Inventory

Section: Chapter Questions

Problem 1MP: Hurst Companys beginning inventory and purchases during the fiscal year ended December 31, 20-2,...

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