Calculete Inventory amounts when costs are declining L06-3) E6-5 During the year, Triumph Incorporated has the following inventory transactions Date Transaction Number of Units Unit Cost Total Cost 1 Mar. Jun Nov. 11 Beginning inventory Purchase Purchase Purchase BAR :% $22 21 20 $440 525 600 540 $2,105 18 30 105 For the entire year, the company sells $1 units of inventory for $30 each Required 1 Using FIFO, calculate () ending inventory, (b) cost of goods sold, (c) sales revenue and (d) grous profit. 2. Uning LIFO, calculate (6) ending inventory. (b) cost of goods sold,) sales revenge and (d) gross profit 3. Uning weighted average cost, calculate() ending inventory, (b) cost of goods sold (c) tales revenue and (d) gross profit. 4. Determine which method will result in higher profitability when inventory costs are declining Record Inventory transactions using a perpetuo om LOS-5 CHECK FIGURES: (E6-5) 1) Gross Profit = $757 2) Gross Profit - $849 3) Gross Profit = $806 (rounded)