During the year, Lenawee Incorporated has the following inventory transactions. Number of Unit Total Date Transaction Units Cost Cost January 1 Beginning inventory 15 $17 $255 March 4 Purchase 20 16 320 June 9 purchase 25 15 375 November 11 Purchase 25 13 325 85 $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 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 Available for Sale Cost of Goods Sold Ending Inventory Cost of Number Cost per Goods Number Cost per Cost of of units Available of units Goods Number Cost Ending unit unit for Sale Sold of units per unit Inventory Beginning Inventory 15 $ $ 255 $ 17 Purchases: March 04 20 $ 16 320 $ 16 June 09 25 $ 15 375 $ 15 November 11 25 $ 13 325 $ 13 Total 85 $ 1,275 Req 1a and b Req 1c and d >Req la 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 sales revenue and gross profit. Sales revenue Gross profit Req la 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 LIFO, calculate sales revenue and gross profit. Sales revenue Gross profit Req la and b Req 1c and d Req 2a and b Req 2c and d Req 3a and b Req 3c and d Reg 4 Using weighted-average cost, calculate ending inventory and cost of goods sold. (Round "Average Cost per unit" to 4 decimal places and all other answers to 2 decimal places.) Cost of Goods Available for Sale Cost of Goods Sold - Weighted Average Ending Inventory - Weighted Average Cost Cost Weighted Average Cost Number Average Cost Cost of Goods Number Average Cost Cost of Number of Average Cost Ending Available for of units per unit Sale of units per Unit Goods Sold units per unit Inventory Beginning Inventory 15 $ 255 Purchases: March 04 20 320 June 09 25 375 November 11 25 325 Total 85 $ 1,275Req la 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 weighted-average cost, calculate sales revenue and gross profit. (Round answers to 2 decimal places.) Sales revenue Gross profit