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 June 1 Beginning 20 $10.80 11 Purchase 66 11.80 24 Purchase 13.80 30 Ending 38 Total Cost $216.00 778.80 469.20 Required: 1. Calculate the cost of ending inventory and the cost of goods sold under the (0) 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 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