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	Units	Unit Cost			Total Cost
June	1		Beginning	20	$	10.00		$	200.00
	11		Purchase	30		11.00			330.00
	24		Purchase	30		13.00			390.00
	30		Ending	34

Required:

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.)

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Weighted Average Cost [LO 7-3] Spotter Corporation reported the following for June in its periodic inventory records. Date Description Units Unit Cost Total Cost June 1 Beginning 11 Purchase 24 Purchase 30 Ending 20 30 30 34 $10.00 11.00 13.00 $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. (Do not round your intermediate calculations. Round "Weighted Average Cost" to 2 decimal places.) Cost of Ending Invento Cost of Goods Sold FIFO LIFO Weighted Average Cost 2. Which of the three methods will lead to reporting the highest net income