During the year, Lenawee Incorporated has the following Inventory transactions. Date January 1 Transaction Beginning inventory March 4 Purchase June 9 Purchase November 11 Purchase Number of Units Unit Total Cost Cost 22 $24 $528 27 23 621 32 22 704 32 20 640 113 $2,493 For the entire year, the company sells 88 units of Inventory for $32 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 Req 1c and d Req 2a and b Req 2c and d Req 3a and b Req 3c and d Req 4 Using FIFO, calculate ending inventory and cost of goods sold. FIFO Beginning Inventory Purchases: Cost of Goods Available for Sale Cost of Goods Sold Cost of Number of units Cost per unit Goods Number Cost of Available of units Cost per unit Goods Sold for Sale 22 $ 24 $ 528 22 $ 24 $ 528 Ending Inventory Number Cost Ending of units per unit Inventory 0 March 04 27 $ 23 621 27 $ 23 621 0 June 09 32 $ 22 704 32 10 22 704 0 November 11 32 $ 20 640 $ 20 0 Total 113 19 $ 2,493