four part question

Required information [The following information applies to the questions displayed below.] During the year, Trombley Incorporated has the following inventory transactions. Number Unit of Transaction Units Cost Total Cost Date Beginning inventory 21 $23 483 Jan. 1 Mar. 4 Purchase 26 22 572 Purchase 31 21 651 Jun. 9 31 589 Nov.11 Purchase 19 109 $2,295 For the entire year, the company sells 82 units of inventory for $31 each Required: 1. Using FIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. Cost of Goods FIFO Cost of Goods Sold Ending Inventory Available for Sale Cost of Goods Available units Cost Cost of Goods Sold Cost Cost # of #of # of Ending Inventory per unit per unit per unit units units for Sale Beginning Inventory Purchases: Mar 04 $ $ 0S 0 0 0 0 $ 0 $ 0 0 Jun 09 0 Nov 11 0 0 Total 0 $ Sales revenue Gross profit Required information [The following information applies to the questions displayed below.] During the year, Trombley Incorporated has the following inventory transactions. Number Unit of Transaction Date Units Cost Total Cost Beginning inventory Mar. 4 Purchase 21 $23 483 Jan. 1 26 22 572 Jun. 9 Purchase 31 21 651 31 589 Nov.11 Purchase 19 $2,295 109 For the entire year, the company sells 82 units of inventory for $31 each. 2. Using LIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. Cost of Goods Available for Sale LIFO Cost of Goods Sold Ending Inventory Cost of Goods Available units Cost Cost Cost of Goods Cost #of units # of #of Ending Inventory per unit per unit per unit units Sold for Sale Beginning Inventory Purchases: Mar 04 Jun 09 Nov 11 Total Sales revenue Gross profit Required information [The following information applies to the questions displayed below.] During the year, Trombley Incorporated has the following inventory transactions. Number Unit of Transaction Units Cost Total Cost Date Beginning inventory $ 483 572 Jan. 1 21 $23 Mar. 4 Purchase 26 22 Jun. 9 Purchase 31 21 651 589 31 Nov.11 Purchase 19 109 $2,295 For the entire year, the company sells 82 units of inventory for $31 each. 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.) Goods Sold - Cost of Goods Available Cost Ending Inventory -Weighted Average Cost for Sale Weighted Average Cost # of units Cost of Goods Weighted Average Cost # of Average Cost of units Sold per Unit Average Cost Average Cost Ending Inventory # of in Cost Goods Available units Ending Inventory Sold per unit per unit for Sale Beginning Inventory Purchases: $ 483 Mar.4 26 572 Jun.9 31 651 589 Nov.11 31 Total $ 2,295 109 Sales revenue Gross profit 21 Required information [The following information applies to the questions displayed below.] During the year, Trombley Incorporated has the following inventory transactions. Number of Unit Transaction Units Cost Total Cost Date Beginning inventory Mar. 4 Purchase $23 21 $ 483 Jan. 1 26 22 572 9 Purchase Jun. 31 21 651 31 589 Nov.11 Purchase 19 109 $2,295 For the entire year, the company sells 82 units of inventory for $31 each 4. Which method will result in higher profitability when inventory costs are declining? Multiple Choice Weighted-average LIFO FIFO