During the year, Lenawee Incorporated has the following inventory transactions. Date January 1 March 4 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 June 9 November 11 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 1a and b Reg 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 Sold Ending Inventory Cost of Goods Available for Sale Cost of Number Cost per Goods of units unit Available for Sale 16 $ 17 $ 255 Number Cost per of units unit Cost of Goods Sold Number Cost Ending of units per unit Inventory $ 17 Beginning Inventory Purchases: March 04 $ 16 $ 16 20 25 June 09 $ 15 15 320 375 325 1,275 $ $ 25 $ 13 13 November 11 Total 85 $ Req 1a and bReq 1c and dReq 2a and b Req 2c and d Req 3a and b Req 3c and d LLLLLLS Req 4 Using FIFO, calculate sales revenue and gross profit. $ Sales revenue Gross profit 1,625 685 X $