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+ X HBlackboard Learn X Easy Access to Internet Services CCsu.blackboard.com/webapps/blackboard/content/contentWrapper.jsp?course_id- 43047_1&displayName-McG C Central Connecticut State University McGraw-Hill CONNECT SEC 09 Spotter Corporation reported the following for June in its periodic inventory records Total Cost $172.80 572.40 352.80 Unit Cost $ 9.60 10.60 12.60 Units 18 54 28 32 Description Beginning Date June 1 Purchase 11 Purchase 24 Ending 30 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. (Round your intermediate calculations and final answers to 2 decimal places.) Cost of Ending Inventory Cost of Goods Sold FIFO LIFO Weighted Average Cost 2. Which of the three methods will lead to reporting the highest net income? FIFO DLIFO Weighted Average Cost

+ X HBlackboard Learn X Easy Access to Internet Services CCsu.blackboard.com/webapps/blackboard/content/contentWrapper.jsp?course_id- 43047_1&displayName-McG C Central Connecticut State University McGraw-Hill CONNECT SEC 09 Spotter Corporation reported the following for June in its periodic inventory records Total Cost $172.80 572.40 352.80 Unit Cost $ 9.60 10.60 12.60 Units 18 54 28 32 Description Beginning Date June 1 Purchase 11 Purchase 24 Ending 30 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. (Round your intermediate calculations and final answers to 2 decimal places.) Cost of Ending Inventory Cost of Goods Sold FIFO LIFO Weighted Average Cost 2. Which of the three methods will lead to reporting the highest net income? FIFO DLIFO Weighted Average Cost

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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+ X HBlackboard Learn X Easy Access to Internet Services CCsu.blackboard.com/webapps/blackboard/content/contentWrapper.jsp?course_id- 43047_1&displayName-McG C Central Connecticut State University McGraw-Hill CONNECT SEC 09 Spotter Corporation reported the following for June in its periodic inventory records Total Cost $172.80 572.40 352.80 Unit Cost $ 9.60 10.60 12.60 Units 18 54 28 32 Description Beginning Date June 1 Purchase 11 Purchase 24 Ending 30 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. (Round your intermediate calculations and final answers to 2 decimal places.) Cost of Ending Inventory Cost of Goods Sold FIFO LIFO Weighted Average Cost 2. Which of the three methods will lead to reporting the highest net income? FIFO DLIFO Weighted Average Cost
Transcribed Image Text:+ X HBlackboard Learn X Easy Access to Internet Services CCsu.blackboard.com/webapps/blackboard/content/contentWrapper.jsp?course_id- 43047_1&displayName-McG C Central Connecticut State University McGraw-Hill CONNECT SEC 09 Spotter Corporation reported the following for June in its periodic inventory records Total Cost $172.80 572.40 352.80 Unit Cost $ 9.60 10.60 12.60 Units 18 54 28 32 Description Beginning Date June 1 Purchase 11 Purchase 24 Ending 30 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. (Round your intermediate calculations and final answers to 2 decimal places.) Cost of Ending Inventory Cost of Goods Sold FIFO LIFO Weighted Average Cost 2. Which of the three methods will lead to reporting the highest net income? FIFO DLIFO Weighted Average Cost
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