4. Which method will result in higher profitability when inventory costs are declining? Multiple Choice Weighted-average FIFO LIFO 3. Using weighted-average cost, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. (Round "Average Cost per unit" to 2 decimal places and all other answers to the nearest whole number.) Cost of Goods Available for Sale Cost of Goods Sold - Weighted Average Cost Ending Inventory - Weighted Average Cost Weighted Average Cost # of units Cost per unit Average Cost of Goods Available for Sale # of units Sold Average Cost per Unit Cost of Goods Sold # of units in Ending Inventory Average Cost per Ending Inventory unit 10 $ 120 Beginning Inventory Purchases: Mar.4 15 165 Jun.9 20 200 Nov. 11 20 160 Total 65 $ 645 Sales revenue Gross profit ! Required information [The following information applies to the questions displayed below.] During the year, Trombley Incorporated has the following inventory transactions. Number Unit Date Transaction of Units Cost Total Cost Jan. 1 Beginning inventory 10 $ 12 $120 Mar. 4 Purchase 15 11 165 Jun. 9 Purchase 20 10 200 Nov.11 Purchase 20 8 160 65 $645 For the entire year, the company sells 50 units of inventory for $20 each. Required: 1. Using FIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. FIFO Beginning Inventory Ending Inventory Cost Ending per unit Inventory Cost of Goods Available for Sale Cost of Goods Sold # of units Cost per unit Cost of Goods # of units Available for Sale Cost per unit Cost of Goods # of units Sold 10 $ 12 $ 120 10 $ 12 $ 120 Purchases: Mar 04 15 $ 11 165 15 $ 11 165 Jun 09 20 $ 10 200 20 $ 10 200 Nov 11 20 $ 8 160 7 $ 8 56 11 $ 8 88 Total 65 $ 645 11 $ 88 Sales revenue $ 1,000 Gross profit 2. Using LIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. LIFO Beginning Inventory Purchases: Mar 04 Jun 09 Nov 11 Total Sales revenue Gross profit Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory # of units Cost per unit Cost of Goods Available for Sale Cost of # of units Cost per unit Goods # of units Cost Ending per unit Inventory Sold