Item$2$

$12\mathrm{.}5$

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

Date Transaction Number of Units Unit Cost Total Cost

January $1$ Beginning inventory $21$ $$23$ $$483$

March $4$ Purchase $2622572$

June $9$ Purchase $3121651$

November $11$ Purchase $3119589$

$109$ $$2,295$

For the entire year, the company sells $82$ units of inventory for $$31$ 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.