Date January 1 March 4 June 9 November 11 Transaction Beginning inventory Purchase Purchase Purchase Number of Units 15 20 25 25 85 Unit Cost $17 16 15 13 Total Cost $255 320 375 325 $1,275 For the entire year, the company sells 65 units of inventory for $25 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 dReq 2a and b Req 2c and d Req 3a and b Req 3c and d Req 4 Using LIFO, calculate ending inventory and cost of goods sold. LIFO Ending Inventory Cost of Goods Available for Sale Cost of Number Cost per Goods of units unit Available for Sale 15 $ 17 $ 255 Cost of Goods Sold Number Cost per Cost of of units Goods Sold Number Cost Ending of units per unit Inventory unit 16 Beginning Inventory Purchases: March 04 June 09 November 11 Total 15 20$ 25 $ 25 $ 85 320 375 325 1,275 13 $ Using LIFO, calculate sales revenue and gross profit. Sales revenue Gross profit Using weighted average cost, calculate ending inventory and cost of goods sold. (Round "Average Cost per unit" to 4 decimal places and all other Ending Inventory - Weighted Average Cost Weighted Average Cost Cost of Goods Available for Sale Cost of Goods Sold - Weighted Average Cost Cost of Goods Number Number Average Cost Available for Average Cost Cost of of units per unit of units Sale per Unit Goods Sold Number of Average Cost units per unit Ending Inventory 15 $ 255 20 Beginning Inventory Purchases: March 04 June 09 November 11 Total 25 320 375 325 1,275 25 85 $ 150,000.0000 $ 65 $ 150,000.0000 $ 975.00 20 $ 150,000.0000 $ 300.00 Using weighted average cost, calculate sales revenue and gross profit. (Round answers to 2 decimal places.) Sales revenue Gross profit Determine which method will result in higher profitability when inventory costs are declining. Determine which method will result in higher profitability when inventory costs are declining