[The following information applies to the questions displayed below.) During the year, Trombley Incorporated has the following inventory transactions. Date Jan. 1 Mar. 4 Jun. 9 Nov.11 Transaction Beginning inventory Purchase Purchase Purchase Number of Units 17 22 27 27 Unit Cost $ 19 18 17 15 Total Cost $ 323 396 459 405 93 $1,583 For the entire year, the company sells 70 units of inventory for $27 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 Goods # of units unit Available for Sale Cost per # of units Cost per unit Cost of Goods Sold # of units Cost Ending per unit Inventory Beginning Inventory Purchases: Mar 04 Jun 09 Nov 11 Total Sales revenue Gross profit 2. Using LIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. Cost of Goods Sold Ending Inventory Cost per # of units LIFO Cost of Goods Available for Sale Cost of Goods # of units unit Available for Sale Beginning Inventory Purchases: Cost per unit Cost of Goods Sold # of units Cost Ending per unit Inventory Mar 04 Jun 09 Nov 11 Total 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 2 decimal places and all other answers to the nearest whole number.) Cost of Goods Available for Sale Cost of Goods Sold - Weighted Average Cost Weighted Average Cost Average cost of Goods # of units Cost per Available for unit Sale Average Cost per Unit Ending Inventory - Weighted Average Cost # of units Average Ending in Ending Cost per Inventory Inventory unit # of units Sold Cost of Goods Sold Beginning Inventory 17 $ 323 Purchases: Mar.4 22 396 Jun.9 27 459 Nov. 11 27 405 Total 93 $ 1,583 Sales revenue Gross profit 4. Which method will result in higher profitability when inventory costs are declining? Multiple Choice FIFO LIFO Weighted average