1 E7-4 Calculating Cost of Ending Inventory and Cost of Goods Sold under Periodic FIFO, LIFO, and Weighted Average Cost [LO 7-3] 25 points Spotter Corporation reported the following for June in its periodic inventory records bate Description Units Unit Cost June 1 Beginning 20 $12.00 11 Purchase 50 13.00 24 Purchase 40 15.00 30 Ending 44 Total cost $240.00 780.00 300.00 eBook Mint Required: 1. Calculate the cost of ending inventory and the cost of goods sold under the (a) FIFO, (b) UFO, and (c) weighted average cost methods (Do not round your intermediate calculations, Round "Weighted Average Cost" to 2 decimal places.) Print Reference Cost of Ending Cost of Goods Inventory Sold FO LIFO Weighted Average Cost 2. Which of the three methods will lead to reporting the highest net income? ORTO UFO Weighted Average cost