Exercise 6-5 (Algo) Calculate inventory amounts when costs are declining (LO6-3) During the year, Hooker Incorporated has the following inventory transactions. Date January 1 Transaction Beginning inventory March 4 Purchase June 9 Purchase November 11 Purchase Number of Unit Total Units Cost Cost 17 $19 $323 22 18 396 27 17 459 27 15 405 93 $1,583 For the entire year, the company sells 70 units of inventory for $27 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. Complete this question by entering your answers in the tabs below. Req 1a and b Req 1c and d Req 2a and b Req 2c and d Req 3a and b Req 3c and d Req 4 Using FIFO, calculate ending inventory and cost of goods sold. FIFO Beginning Inventory Purchases: March 04 June 09 November 11 Total Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost of Number of units Cost per unit Goods Available Number of units Cost per unit Cost of Goods Sold Number of units Cost per unit Inventory Ending for Sale 17 $ 19 $ 323 $ 19 $ 0 22 $ 27 $ 27 $ SASA 875 396 $ 18 0 459 $ 17 0 405 $ 15 0 93 $ 1,583 < Req 1a and b Req 1c and d >