Spotter Corporation reported the following for June in its periodic inventory records.

Date Description Units Unit Cost Total Cost June 1 Beginning 24 $ 9.20 $ 220.80

11 Purchase 50 10.20 510.00

24 Purchase 26 12.20 317.20

30 Ending 30

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. (Round your intermediate calculations and final answers to 2 decimal places.)

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

FIFO

LIFO

Weighted Average Cost