During the year, Trombley Incorporated has the following inventory transactions Date Transaction Jan. 1 Beginning inventory Mar. 4 Purchase Jun. 9 Purchase Nov. 11 Purchase Number of Units 22 27 32 32 113 Unit Cost $ 24 23 22 20 Total Cost $ 528 621 784 640 $2,493 For the entire year, the company sells 88 units of inventory for $32 each. Exercise 6-5A Part 1 Required: 1. Using FIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit nces FIFO Cost of Goods Sold Ending Inventory #of units Cost per Cost of Goods Available for Sale Cost of Goods unit Available for Sale 227 s 24 $ 528 # of units Cost per unit Cost of Goods Sold #of units Cost Ending per unit Inventory 22 $ 24 $ 528 0 Beginning inventory Purchases Mar 04 Jun 09 Nov 11 Total 271 $ 32 $ 32 $ 113 23 22 20 621 704 840 2493 27 $ 32 $ 71 $ 23 22 20 621 704 140 1,993 0 0 251 $ 20 25 113 $ ga $ 500 500 $ During the year, Trombley Incorporated has the following inventory transactions Number Unit Date Transaction of Units Cost Jan. 1 Beginning inventory Total Cost 22 $ 24 $ 528 Mar. 4 Purchase 27 23 621 Jun. 9 Purchase 32 22 704 Nov. 11 Purchase 32 20 640 113 $2,493 For the entire year, the company sells 88 units of inventory for $32 each. Exercise 6-5A Part 2 2. Using LIFO, calculate ending inventory, cost of goods sold, sales revenue and gross profit. Ending Inventory of units Cost Ending per unit Inventory LIFO Cost of Goods Available for Sale Cost of Goods Sold Cost of Cost per Goods # of units Cost of Cost per unit #of units Available unit Goods for Sale Sold Beginning inventory $ 0 Purchases: Mar 04 Jun 09 0 Nov 11 0 Total OOOO 0 $ During the year, Trombley Incorporated has the following inventory transactions. Number Unit Date Transaction of Units Cost Total Cost Jan. 1 Beginning inventory 22 $ 24 $ 528 Mar. 4 Purchase 27 23 621 Jun. 9 Purchase 32 22 704 Nov. 11 Purchase 32 20 640 113 $2,493 For the entire year, the company sells 88 units of inventory for $32 each. Exercise 6-5A Part 3 3. Using weighted average cost, calculate ending inventory, cost of goods sold, sales revenue and gross profit (Round "Average Cost per unit" to 2 decimal places and all other answers to the nearest whole number.) Welghted Average Cost Cost of Goods Available for Sale Cost of Goods Sold - Weighted Average Cost Average cost of Goods #of units Average W of units Cost per Available for Cost of Cost per Sold unit Sale Unit 22 $ 528 Ending Inventory Weighted Average Cost #of units Average Cost per Ending Inventory unit Inventory Goods Sold in Ending | Beginning inventory Purchases Mar 4 Jun 9 Nov 11 Total 27 32 32 113 621 704 B40 2.493 $ 4. Which method will result in higher profitability when inventory costs are declining? Multiple Choice FIFO Weighted-average LIFO