Calculate inventory amounts when costs are declining (LlL06-3) E6-5 During the year. Trombley Incorporated has the following inventory transactions. Date Unit Cost Total Cost Transaction Beginning inventory Purchase Number of Units 20 Jan. 1 $22 $ 440 Mar. 4 25 21 525 Jun. 9 Purchase 30 20 600 Nov. 11 Purchase 30 18 540 105 $2,105 For the entire year, the company sells 81 units of inventory for $30 each. Required: 1. Using FIFO. calculate (a) ending inventory. (b) cost of goods sold. (c) sales revenue, and (d) gross profit. 2. Using LIFO, calculate (a) ending inventory, (b) cost of goods sold, (c) sales revenue, and (d) gross profit. 3. Using weighted average cost, calculate (a) ending inventory, (b) cost of goods sold, (e) sales revenue, and (d) gre profit. 4. Determine which method will result in higher profitability when inventory costs are declining