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

For the entire year, the company sells $70$ units of inventory for $$27$ 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.

$\backslash$table$[[$Req $1$a and $b,$Req $1c$ and $d,$Req $2$a and $b,$Req $2c$ and $d,$Req $3$a and $b,$Req $30$ and $d,$Req $4]]$

Using FIFO, calculate ending inventory and cost of goods sold.

$\backslash$table$[[\backslash$table$[[$FIFO$],[$Beginning Inventory$]],$Cost of Goods Available for Sale,Ending Inventory$],[\backslash$table$[[\backslash$table$[[$Number$],[$of units$]]],[17]],\backslash$table$[[$Cost per$],[$unit$]],\backslash$table$[[$Cost of$],[$Goods$],[$Available$],[$for Sale$]],\backslash$table$[[$Number$],[$of units$]],\backslash$table$[[$Cost per$],[$unit$]],\backslash$table$[[$Cost of$],[$Goods$],[$Sold$]],\backslash$table$[[$Number$],[$of units$]],\backslash$table$[[$Cost$],[$per unit$]],\backslash$table$[[$Ending$],[$Inventory$]]],[$$$,19,$$$,323,$$$,19,$$