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 16 $ 8.80 $140.80 11 Purchase 40 9.80 392.00 24 Purchase 24 11.80 283.20 30 Ending 28 1 ok + 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.) at ces 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? FIFO Prey 1 of 4 !!! Next > MacBook Air