Chapter 6 - Homework Assignment Problem One: During the year, Masks R Us Corporation has the following inventory transactions, Date Transaction Number of Units Unit Cost Total Cost Jan. 1 Beginning inventory 50 $42 $ 2,100 Apr. 7 Purchase 130 44 5,720 Jul. 16 Purchase 200 47 9,400 Oct. 6 Purchase 110 48 5.280 490 $22.500 For the entire year, the company sells 440 units of inventory for $60 each. Required: 1. Using FIFO, calculate (a) ending inventory. (b) cost of goods sold, (e) sales revenue, and (d) gross profit. a) Ending Inventory b) CGS Sales Revenue a) Gross Profit 2. Using LIFO, calculate (a) ending inventory. (b) cost of goods sold, (c) sales revenue, and (d) gross profit. a) Ending Inventory b) CGS d Sales Revenue d) Gross Profit 3. Using weighted average cost, calculate (a) ending inventory, (b) cost of goods sold, () sales revenue, and (d) gross profit. a) Ending Inventory b) CGS c) Sales Revenue d) Gross Profit 4. Determine which method will result in higher profitability when inventory costs are rising