E7-4 Calculating Cost of Ending Inventory and Cost of Goods Sold under Periodic FIFO, LIFO,...
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E7-4 Calculating Cost of Ending Inventory and Cost of Goods Sold under Periodic FIFO, LIFO, and Weighted Average Cost [LO 7-3] 20 points Spotter Corporation reported the following for June in its periodic inventory records. Date Description Units Unit Cost June 1 Beginning 24 $11.20 11 Purchase 40 12.20 24 Purchase 36 14.20 30 Ending 40 Total Cost $268.80 488.00 511.20 eBook Required: Hint 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.) . Print Cost of Ending Cost of Goods Inventory Sold References FIFO LIFO Weighted Average Cost 2. Which of the three methods will lead to reporting the highest net income? O FIFO OLIFO Weighted Average Cost
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