During the year, Trombley Incorporated has the following inventory transactions Number of Units Unit Cost Date Jan. 1 Beginning inventory Mar. 4 Purchase Jun. 9 Nov.11 Purchase Transaction Total Cost $ 24 27 32 32 113 $ 528 621 704 640 $2,493 23 Purchase 20 For the entire year, the company sells 88 units of inventory for $32 each Required: 1. Using FIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. FIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost of Goods Available for Sale Cost of Cost perGoods Cost per unit | # of units Cost # of units # of units unit per unit Inventory Sold Beginning Inventory Purchases Mar 04 Jun 09 Nov 11 Total 2. Using LIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. LIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost of Goods for Sale Cost per unit Cost per Cost Ending Goods Sold |#0f units per unit Inventory of units unit Av Beginning Inventory Purchases Mar 04 Jun 09 Nov 11 Total 4. Which method will result in higher profitability when inventory costs are declining? Multiple Choice Weighted-average LIFO FIFO