Spotter Corporation reported the following for June in its periodic inventory records. Required: 1. Calculate the cost
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Question:
Spotter Corporation reported the following for June in its periodic inventory records.
Required:
1. Calculate the cost of ending inventory and the cost of goods sold under (a) FIFO, (b) LIFO, and (c) weight 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?
a. FIFO
b. LIFO
c. Weighted Average
Related Book For
Fundamentals of Financial Accounting
ISBN: 978-0078025914
5th edition
Authors: Fred Phillips, Robert Libby, Patricia Libby
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