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During the year, Hooker Incorporated has the following inventory transactions.

Date		Transaction	Number of Units	Unit Cost	Total Cost
January 1		Beginning inventory	11	$13	$143
March 4		Purchase	16	12	192
June 9		Purchase	21	11	231
November 11		Purchase	21	9	189
			69		$755

For the entire year, the company sells 51 units of inventory for $21 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.