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 January 1 Beginning inventory March 4 Purchase June 9 Purchase November 11 Purchase Number of Unit Total Unita Cost Cost 22 $24 $528 27 23 621 32 22 704 32 20 640 113 $2,493 For the entire year, the company sells 88 units of inventory for $32 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. Complete this question by entering your answers in the tabs below. Req la and b Req 1c and d Req 2a and b Req 2c and d Req 3a and b Req 3c and d Req 4 Using FIFO, calculate ending inventory and cost of goods sold. FIFO F2 Cost of Goods Available for Sale Number Cost per of units unit Cost of Goods Available for Sale Cost of Goods Sold Number of units Cost per unit < Prev 3 of 8 Ending Inventory Cost of Goods Sold Number Cost Ending of units per unit Inventory Next > MacBook Air 80 000 F3 DOD FA F5 F6 44 F7 114 FB