E7-4 Calculating Cost of Ending Inventory and Cost of Goods Sold under Periodic FIFO, LIFO, and Weighted Average Cost [LO 7-3] Spotter Corporation reported the following for June in its periodic inventory records. Units 18 Date Description June 1 Beginning 11 Purchase 24 Purchase 30 Ending Unit Cost $10.60 11.60 13.60 Total Cost 1190.80 522.00 448.80 45 37 Required: 1. Calculate the cost of ending Inventory and the cost of goods sold under the (a) FIFO, (b) LIFO, and (c) weighted average cost methods. (Do not round your intermediate calculations. Round "Weighted Average Cost" to 2 decimal places.) Cost of Ending Cost of Goods Inventory Sold 495 205 666.40 FIFO LIFO Weighted Average Cost 2. Which of the three methods will lead to reporting the highest net income? FIFO LIFO Weighted Average Cost