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Spotter Corporation reported the following for June in its periodic inventory records. Date Description Units Unit Cost Total Cost June 1 Beginning 12 $ 8
Spotter Corporation reported the following for June in its periodic inventory records.
Date | Description | Units | Unit Cost | Total Cost | ||||||
June | 1 | Beginning | 12 | $ | 8 | $ | 96 | |||
11 | Purchase | 38 | 9 | 342 | ||||||
24 | Purchase | 20 | 11 | 220 | ||||||
30 | Ending | 24 | ||||||||
Required:
- 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.)
- Which of the three methods will lead to reporting the highest net income?
Spotter Corporation reported the following for June in its periodic inventory records. Date June 1 11 24 30 Description Beginning Purchase Purchase Ending Units 12 38 20 24 Unit Cost $ 8 9 11 Total Cost $ 96 342 220 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 Cost of Goods Inventory Sold FIFO LIFO Weighted Average Cost 2. Which of the three methods will lead to reporting the highest net income? FIFO O LIFO Weighted Average
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