Given the following information,

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.

2. Determine which method would lead to reporting the highest net income.

Spotter Corporation reported the following for June in its periodic inventory records. Date Description Units Unit Cost Total Cost June 1 Beginning 28 $10.40 $291.20 456.00 11 Purchase 40 11.40 13.40 428.80 24 Purchase 32 30 Ending 36 Required 1. Calculate the cost of ending inventory and the cost of goods sold under the (a) FlFO, (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 Sold Inventory FIFO LIFO Weighted Average Cost 2. Which of the three methods will lead to reporting the highest net income? O FIFO O LIFO Weighted Average Cost