During the year, Rosenberg Incorporated has the following inventory transactions. Date January 1 March 4 June 9 November 11 Transaction Beginning inventory Purchase Purchase Purchase Number of Units 10 15 20 20 65 Unit Cost $12 11 10 8 Total Cost $120 165 200 160 $645 For the entire year, the company sells 50 units of inventory for $20 each. Req 1a and b Reg ic and d Req 2a and b Req 2c and d Req 3a and b Req 3c and d Reg 4 Using FIFO, calculate ending inventory and cost of goods sold. FIFO Cost of Goods Sold Ending Inventory Cost of Goods Available for Sale Cost of Number Cost per Goods of units unit Available for Sale 10 $ 12 $ 120 Number Cost per of units unit Cost of Goods Sold Number of units Cost Ending per unit Inventory S 12 Beginning Inventory Purchases March 04 June 09 November 11 15 11 165 S 11 20 $ $ $ $ 10 200 $ 10 48 818 20 $ 8 8 160 S 8 Total 65 $ 645 For the entire year, the company sells 50 units of inventory for $20 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. Complete this question by entering your answers in the tabs below. Req 1a and b Req ic and d Req 2a and b Req 2c and d Req 3a and b Reg 3c and d Reg 4 Using FIFO, calculate sales revenue and gross profit. Sales revenue Gross profit Req Ia and b Req ic and d Req 2a and bReq 2c and d Req 3a and b Req 3c and d Req 4 Using LIFO, calculate ending inventory and cost of goods sold. LIFO Cost of Goods Sold Ending Inventory Cost of Goods Available for Sale Cost of Number Cost per Goods of units unit Available for Sale 10 $ 12 S 120 Number Cost per of units unit Cost of Goods Sold Number Cost Ending of units per unit Inventory Beginning Inventory Purchases March 04 June 09 November 11 15 + $ 11 S 10 165 20 $ 20$ 8 200 160 645 Total 65 $ Req 1a and b Req ic and d Reg 2a and b Req 2c and a Req 3a and b Req3c and d Reg 4 Using LIFO, calculate sales revenue and gross profit. Sales revenue Gross profit Using weighted average cost, calculate ending inventory and cost of goods sold. (Round "Average cost per unit" to 4 decimal places and all other an Cost of Goods Available for Sale Cost of Goods Sold - Weighted Average Ending Inventory - Weighted Average Cost Cost Weighted Average Cost Cost of Goods Number Average Cost Number Average Cost Cost of Number of Average Cost Available for Ending of units per unit of units per Unit Goods Sold units per unit Inventory Sale 10 $ 120 15 Beginning Inventory Purchases March 04 June 09 November 11 Total 8 &18 165 200 160 645 20 65 $ Req 1a and b Req lc and d Reg 2a and bReq 2c and d Req 3a and b Req 3c and d Reg 4 Determine which method will result in higher profitability when inventory costs are declinithg. Determine which method will result in higher profitability when inventory costs are declining