Required information Exercise 6-5A Calculate inventory amounts when costs are declining (L06-3) The following information applies to the questions displayed below.) During the year, Trombley Incorporated has the following inventory transactions, Number Unit Date Transaction of Units Cost Total Cost Jan. 1 Beginning inventory 27 $ 29 $ 783 Mar. 4 Purchase 32 896 Jun. 9 Purchase 37 27 999 Nov. 11 Purchase 37 25 133 $3,603 28 925 For the entire year, the company sells 100 units of inventory for $37 each. Exercise 6-5A Part 4 4. Which method will result in higher profitability when inventory costs are declining? Sales revenue Interest expense Salaries expense Utilities expense $327,000 11,000 31,000 41,000 Income tax expense Cost of goods sold Advertising expense $ 41,000 121,000 21, 000 Required: Prepare a multiple-step income statement. WAYMAN CORPORATION Multiple-step Income Statement For the year ended December 31, 2021 $ 327,000 Cost of goods sold 121,000 $ 206,000 Gross profit Salaries expense Utilities expense Advertising expense 31,000 41,000 21.000