Date January 1 April 7 July 16 October 6 Transaction Beginning inventory Purchase Purchase Purchase Number of Unit Units Cost 56 $48 136 50 206 53 116 54 514 Total Cost $2,688 6,800 10,918 6,264 $26,670 For the entire year, the company sells 442 units of inventory for $66 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 rising