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Martinez 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 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  
         
      Totals 1,500  units     $ 3,855  


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.)

 
  
Ending inventory Cost of goods sold
(a) Specific identification
(b) Weighted average
(c) FIFO
(d) LIFO
+
 



Which method yields the highest net income?
 
Weighted average
LIFO
FIFO

Specific identification

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