Required information [The following information applies to the questions displayed below.] During the year, a company has the following inventory transactions. Date Transaction Jan. 1 Beginning inventory Apr. 7 Purchase Jul. 16 Purchase Oct. 6 Purchase Number of Units 59 139 209 119 526 Unit Cost $ 51 53 56 57 Total Cost $ 3,009 7,367 11,704 6,783 $28,863 For the entire year, the company sells 445 units of inventory for $69 each. Required: 1. Using FIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. FIFO Cost of Goods Sold Ending Inventory Cost of Goods Available for Sale Cost of Cost per Goods # of units unit Available for Sale Cost per # of units unit Cost of Goods Sold # of units Cost Ending per unit Inventory $ 0 $ 0 $ 0 Beginning Inventory Purchases: Apr. 7 Jul. 16 0 $ 0 olo 0 $ 0 0 $ 0 0 Oct.6 Total $ 0 Sales revenue Gross profit 2. Using LIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. LIFO Cost of Goods Sold Ending Inventory Cost of Goods Available for Sale Cost of Cost per # of units Goods unit Available for Sale $ 0 Cost per # of units Cost of Goods Sold # of units Cost Ending per unit Inventory unit 0 Beginning Inventory Purchases: Apr 07 Jul 16 Oct 06 Total 0 Oo $ Sales revenue Gross profit 3. Using weighted average cost, calculate ending inventory.cost of goods sold, sales revenue, and gross profit. (Round "Average Cost per unit" to 4 decimal places and all other answers to the nearest whole number.) Cost of Goods Sold - Weighted Average Cost Ending Inventory - Weighted Average Cost Weighted Average Cost Cost of Goods Available for Sale Cost per Cost of Goods # of units Available for Sale unit # of units Sold Cost per Unit Cost of Goods Sold # of units in Ending Inventory Cost per unit Ending Inventory 59 $ 3,009 Beginning Inventory Purchases: Apr 07 Jul 16 Oct 06 Total 139 209 119 526 7,367 11,704 6,783 28,863 $ Sales revenue Gross profit 4. Determine which method will result in higher profitability when inventory costs are rising. Multiple Choice LIFO Weighted average O FIFO