Exercise 6-5 (Algo) Calculate inventory amounts when costs are declining (LO6-3) During the year, Lenawee Incorporated has the following inventory transactions. Date Transaction Number of Units Unit Cost Total Cost January 1 Beginning inventory 12 $14 $168 March 4 Purchase 17 13 221 June 9 Purchase 22 12 264 November 11 Purchase 22 10 220 73 $873 For the entire year, the company sells 60 units of inventory for $22 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.