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Spotter Corporation reported the following for June in its periodic invwentory records. Unit Total Cost June 1 Beginning 15 $8.20 $123.00 39 9.20 358.80 21
Spotter Corporation reported the following for June in its periodic invwentory records. Unit Total Cost June 1 Beginning 15 $8.20 $123.00 39 9.20 358.80 21 11.20 235.20 Date DescriptionUnits Cost 11 Purchase 24 Purchase 30 Ending 25 Required: 1. Calculate the cost of ending inventory and the cost of goods sold under the (a) FIFO, 2) LIFO, and (c) weighted average cost methods. (Do not round your intermediate calculations. Round "Weighted Average Cost" to 2 decimal places.) Ending Goods FIFO LIFO Weighted Cost 2. Which of the three methods w lead to reporting the highest net income? FIFO LIFO Welghted Average Cost
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