! Required information [The following information applies to the questions displayed below.] In its first month of operations, Literacy for the Illiterate opened a new bookstore and bought merchandise in the following order: (1) 180 units at $5 on January 1, (2) 510 units at $6 on January 8, and (3) 810 units at $7 on January 29. Assume 900 units are on hand at the end of the month, calculate the cost of goods available for sale, ending inventory, and cost of goods sold under FIFO. Assume a periodic inventory system is used. (Round "Cost per Unit" to 2 decimal places.) FIFO Cost of Goods Available for Sale $ 9,630 Ending Inventory 6,180 $ 3,450 Cost of Goods Sold Spotter Corporation reported the following for June in its periodic inventory records. Date Description June 1 Beginning 11 Purchase 24 Purchase 30 Ending Units 12 38 20 24 Unit Cost $ 8 9 11 Total Cost $ 342 220 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 Inventory 256 $ 204 $ Cost of Goods Sold 402 FIFO LIFO Weighted Average Cost 454 226.00 X $ 432.00 2. Which of the three methods will lead to reporting the highest net income? FIFO LIFO Weighted Average