E7-4 Calculating Cost of Ending Inventory and Cost of Goods Sold under Period 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 18 9.60 $172.80 54 11 Purchase 24 Purchase 28 10.60 572.40 Ending326 352 80 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 Inventory Cost of Go Sold FIFO LIFO Weighted Average Cost 2. Which of the three methods will lead to reporting the highest net income? O FIFO O LIFO O Weighted Average Cost Hints References eBook & Resources Hint #1 ere to search