ENTREPRENEURIAL C LLS During the year, Heron Company has the following inventory transactions. RELEVANT AND REAL Date Transaction Heron Number of Units Unit Cost Total Cost Jan. 1 Beginning inventory 35 $42 $1,470 March 4 Purchase 122 44 5,368 June 16 Sept. 9 Purchase 184 47 8,648 Purchase Total 105 48 5,040 446 20,526 During the year, Heron sells 385 units of inventory for $55 each. a. Assuming the FIFO inventory cost method, calculate ending inventory, cost of goods sold, sales revenue, and gross profit for the year. b. Assuming the LIFO inventory cost method, calculate ending inventory, cost of goods sold, sales revenue, and gross profit for the year. c. Assuming the weighted-average inventory cost method, calculate ending inventory, cost of goods sold, sales revenue, and gross profit for the year. (Round weighted-average cost per unit to two decimal places.) d. Which method results in the highest profit? Please explain your answer.