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
	11		Purchase	54		10.60			572.40
	24		Purchase	28		12.60			352.80
	30		Ending	32

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.)

2. Which of the three methods will lead to reporting the highest net income?

• FIFO

• LIFO

• Weighted Average Cost

Next Visit question map

Question4of8Total4 of 8

Prev