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Spotter Corporation reported the following for June in its periodic inventory records. Date Description June 1 Beginning 11 Purchase 24 Purchase 30 Ending Units 18 54 28 32 Unit Cost $ 9.60 10.60 12.60 Total cost $172.80 572.40 352.80 Required: 1. Calculate the cost of ending inventory and the cost of goods sold under the (@) 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 FIFO LIFO Weighted Average Cost Sold 2. Which of the three methods will lead to reporting the highest net income? FIFO LIFO Weighted Average Cost Prov 1 of 6 !! Oahu Kiki tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each month, as if it uses a periodic inventory system. Assume Oahu Kiki's records show the following for the month of January. Sales totaled 320 units. Beginning Inventory Purchase Purchase Date January 1 January 15 January 24 Units Unit Cost 180 $ 70 490 80 280 100 Total Cost $12,600 39,200 28,000 Required: 1. Calculate the number and cost of goods available for sale. 2. Calculate the number of units in ending inventory 3. Calculate the cost of ending inventory and cost of goods sold using the (a) FIFO, (D) LIFO, and (c) weighted average cost methods. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Calculate the cost of ending Inventory and cost of goods sold using the (a) FIFO, (b) UFO, and (c) weighted average cost methods Cost of Ending Inventory Cost of Goods Sold FIFO LIFO Weighted Average Cost

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