Exercise 6-5 (Algo) Calculate inventory amounts when costs are declining (LO6-3) During the year, Lenawee Incorporated has the following inventory transactions. For the entire year, the company sells 60 units of inventory for $22 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. Using FFF, calculate ending inventory and cost of goods sold. Complete this question by entering your answers in the tabs below. Using FIFO, calculate ending inventory and cost of goods sold. Using FIFO, calculate sales revenue and gross profit. Using FIFO, calculate sales revenue and gross profit. Using LIFO, calculate ending inventory and cost of goods sold. Using LIFO, calculate sales revenue and gross profit. Req 1 a and b Req 1c and d Req 2a and b Req 2c and d Using weighted-average cost, calculate ending inventory and cost of goods sold. (Round "Average Cost per unit" to 4 decimal places and all other answers Using weighted-average cost, calculate sales revenue and gross profit. (Round answers to 2 decimal places.) termine which method will result in higher profitability when inventory costs are declining