Number of Unit Total Date Transaction Units Cost Cost January 1 Beginning inventory 28 $30 $840 March 4 Purchase 33 29 957 June 9 Purchase 38 28 1,064 November 11 Purchase 38 26 137 988 $3,849 For the entire year, the company sells 101 units of inventory for $38 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. Req 1a and b Req 1c and d Req 2a and b Req 2c and d Req 3a and b Req 3c and d Using FIFO, calculate ending inventory and cost of goods sold. FIFO Cost of Goods Available for Sale Req 41 Beginning Inventory Purchases: Cost of Goods Sold Cost of Cost of Number Cost per Goods Number Cost per of units. unit Available of units unit Goods Sold for Sale 28 $ 30 $ 840 $ 30 $ 0 Ending Inventory Number Cost Ending of units per unit Inventory March 04 33 $ 29 957 $ June 09 38 $ 28 1064 $ 28 November 11 38 $ 26 988 $ 26 222 0 0 Total 137 $ 3,849 Req 1a and b Req 1c and d Req 2a and b Req 2c and d Req 3a and b Req 3c and di Using FIFO, calculate sales revenue and gross profit. Sales revenue Gross profit < Req 1a and b Req 2a and b > Req 4 Req 1a and b Req 1c and d Req 2a and b Req 2c and d Req 3a and b Req 3c and d Using LIFO, calculate ending inventory and cost of goods sold. Req 4 LIFO Beginning Inventory Purchases: Cost of Goods Available for Sale Cost of Goods Sold Number of units Cost per unit Cost of Goods Available: Cost of Number of units Cost per unit Goods Sold for Sale 28 $ 33 $ 30 $ 840 + March 04 June 09 38 $ November 11 38 $ Total 137 222 $ Ending Inventory Number Cost Ending of units per unit Inventory 957 1,064 988 3,849 < Req 1c and d Req 2c and d > Req 1a and b Req 1c and d Req 2a and b Req 2c and d Req 3a and b Req 3c and d Using LIFO, calculate sales revenue and gross profit. Sales revenue Gross profit Req 4 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 weighted-average cost, calculate ending inventory and cost of goods sold. (Round "Average Cost per unit" to 4 decimal places and all other answ Cost of Goods Sold - Weighted Average Cost Ending Inventory-Weighted Average Cost of Goods Available for Sale Cost Weighted Average Cost of Goods Cost Number of units Average Cost per unit Available for Sale Number of units Average Cost per Unit Cost of Goods Sold Number of units Average Cost per unit Ending Inventory Beginning Inventory 28 $ 840 Purchases: March 04 33 957 June 09 38 1064 November 11 38 988 Total 137 $ 3,849 < Req 2c and d Req 3c and d > Req 1a 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 weighted-average cost, calculate sales revenue and gross profit. (Round answers to 2 decimal p Sales revenue Gross profit