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:

$1-$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.

$4.$ Determine which method will result in higher profitability when inventory costs are declining.