2024 – Lopez Company reported the following current year data for its only product The company uses a
connect 6-1 – 2024
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.
| Jan. | 1 | Beginning inventory | 96 | units | @ $2.00 | = | $ | 192 |
| Mar. | 7 | Purchase | 220 | units | @ $2.25 | = | 495 | |
| July | 28 | Purchase | 544 | units | @ $2.50 | = | 1,360 | |
| Oct. | 3 | Purchase | 480 | units | @ $2.80 | = | 1,344 | |
| Dec. | 19 | Purchase | 160 | units | @ $2.90 | = | 464 | |
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| Totals | 1,500 | units | $ | 3,855 | ||||
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