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

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

Date Transaction Number of Units Unit Cost Total Cost

January $1$ Beginning inventory $25$ $$27$ $$675$

March $4$ Purchase $3026780$

June $9$ Purchase $3525875$

November $11$ Purchase $3523805$

$125$ $$3,135$

For the entire year, the company sells $98$ units of inventory for $$35$ each.

Required:

$2-$a & b$.$ Using LIFO, calculate ending inventory and cost of goods sold.

$2-$c & d$.$ Using LIFO, calculate sales revenue and gross profit.Using LIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit.

$\backslash$table$[[$LIFO$,$Cost of Goods Available for Sale,Cost of Goods Sold,Ending Inventory$],[$# of units,$\backslash$table$[[$Average$],[$Cost per$],[$unit$]],\backslash$table$[[$Cost of$],[$Goods$],[$Available$],[$for Sale$]],$# of units,$\backslash$table$[[$Average$],[$Cost per$],[$unit$]],\backslash$table$[[$Cost of$],[$Goods$],[$Sold$]],$# of units,$\backslash$table$[[$Average$],[$Cost$],[$per unit$]],\backslash$table$[[$Ending$],[$Inventory$]]],[$Beginning Inventory$],[$Purchases:$],[$Mar $04],[$Jun $09],[$Nov $11],[$Total$,,,,,,,,,]]$

$\backslash$table$[[,],[$Sales revenue,$],[$Gross profit,$]]$