During the year, Triumph Incorporated has the following inventory transactions. Transaction Date Jan. 1 Mar, 4 Jun. 9 Nov. 11 Beginning inventory Purchase Purchase Purchase Number of Units 20 25 30 30 105 Unit Cost $22 21 20 18 For the entire year, the company sells 81 units of inventory for $30 each. Required: 1. Using FIFO, calculate (a) ending inventory, (b) cost of goods sold. (e) sales revenue, and (d) gross profit. 2. Using LIFO, calculate (a) ending inventory. (b) cost of goods sold, (e) sales revenue, and (d) gross profit. 3. Using weighted average cost, calculate (a) ending inventory, (b) cost of goods sold, (c) sales revenue, and (d) gross profit. 4. Determine which method will result in higher profitability when inventory costs are declining Total Cost $ 440 525 600 540 $2,105 2