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. Date Description June 1 Beginning 11 Purchase 24 Purchase 30 Ending Units 20 66 Unit Cost $10.80 11.80 13.80 Total Cost $216.00 778.80 469.20 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.) Answer is complete but not entirely correct. FIFO LIFO Weighted Average Cost Cost of Cost of Ending Goods Inventory Sold 516.40 $ 946.60 310.40 $ 1,152.60 463.28 * $ 999.72 $ 2. Which of the three methods will lead to reporting the highest net income? FIFO LIFO Weighted Average Cost