E7-4 Calculating Cost of Ending Inventory and Cost of Goods Sold under Periodic FIFO, LIFO, and Weig

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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

E7-4 Calculating Cost of Ending Inventory and Cost of Goods Sold under Periodic FIFO, LIFO, and Weighted Average Cost [LO 7-3] Spotter Corporation reported the following for June in its periodic inventory records. Description Total Cost Units Unit Cost Date 1 Beginning $9.80 $147.00 June 15 Purchase Purchase 56 11 10.80 604.80 24 29 12.80 371.20 Ending 30 33 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 Inventory Cost of Goods Sold FIFO LIFO Weighted Average Cost

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