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$2$

During the year, Lenawee Incorporated has the following inventory transactions.

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 $1$a and $b$ Req $1c$ and $d$ Req $2$a and $b$ Req $2c$ and $d$ Req $3$a and $b$ Req $3c$ and $d$ Req $4$

Using weighted$-$average cost, calculate sales revenue and gross profit. $($Round answers to $2$ decimal places.$)$

$\backslash$table$[[$Sales revenue,$$,2,816\mathrm{.}00$