calculate inventory amounts when costs are declining

3 3 points Prim References 3-a & b. Using weighted-average cost, calculate ending inventory and cost of goods sold. 3-c & d. Using weighted-average cost, calculate sales revenue and gross profit. 4. Determine which method will result in higher profitability when inventory costs are declining. Complete this question by entering your answers in the tabs below. Req la and b Req 1c and d Req 2a and b Req 2c and d Req 3a and b Req 3c and d Reg 4 Using FIFO, calculate ending inventory and cost of goods sold. FIFO Cost of Goods Available for Sale Cost of Goods Sold Number Cost per of units unit Cost of Goods Available for Sale Beginning Inventory 12 $ Purchases: March 04 17 $ June 09 22 $ November 11 22 S 73 Total 14 $ 13 12 10 $ 168 221 264 220 873 Number Cost per of units unit 12 $ 14 17 $ 13 22 $ 12 22 $ 10 73 Ben Tand Cost of Goods Sold $ Ending Inventory Number Cost Ending of units per unit Inventory 168 221 264 220 Req te and d > 3 nts Print References Exercise 6-5 (Algo) Calculate inventory amounts when costs are declining (LO6-3) During the year, Lenawee Incorporated has the following inventory transactions. Unit Total Number of Units Date Transaction Cost Cost Beginning inventory 12 $14 $168 January 11 March 4 June 9 Purchase 17 13 221 Purchase 22 12 264 November 11 Purchase 22 10 220 73 $873 For the entire year, the company sells 60 units of inventory for $22 each. Required: 1-a & b. Using FIFO, calculate ending inventory and cost of goods sold. 1-c & d. Using FIFO, calculate sales revenue and gross profit. 2-a & b. Using LIFO, calculate ending inventory and cost of goods sold. 2-c & d. Using LIFO, calculate sales revenue and gross profit. 3-a & b. Using weighted-average cost, calculate ending inventory and cost of goods sold. 3-c & d. Using weighted-average cost, calculate sales revenue and gross profit. 4. Determine which method will result in higher profitability when inventory costs are declining. Complete this question by entering your answers in the tabs below. Req la and b Req 1c and d Req 2a and b Req 2c and d Req 3a and b Req 3c and di Req 4 Heinn EIE calculate andinn Inventons and anet of nande enld. Mc Graw pus_Su....pdf A