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

Transcribed Image Text:

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 FIFO LIFO Weighted Average Cost Cost of Ending Cost of Goods Inventory Sold 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 FIFO LIFO Weighted Average Cost Cost of Ending Cost of Goods Inventory Sold

Answer rating: 100% (QA)

1 Calculate following Cost of ending invento... View the full answer