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 June 1 11 24 30 Description Beginning Purchase Purchase Ending Units 20 30 30 34 Unit Cost $10.00 11.00 13.00 Total Cost $200.00 330.00 390.00 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. (Round your intermediate calculations and final answers to 2 decimal places.) Cost of Ending Cost of Goods Inventory Sold FIFO LIFO Weighted Average Cost 2. Which of the three methods will lead to reporting the highest net income? O FIFO OLIFO Weighted Average Cost