Exercise $6-5($Algo$)$ Calculate inventory amounts when costs are declining $($LO$6-3)$

During the year, Lenawee Incorporated has the following inventory transactions.

For the entire year, the company sells $65$ units of inventory for $$25$ 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.

Determine which method will result in higher profitability when inventory costs are declining.