Exercise 6-5 Calculate inventory amounts when costs are declining (LO6-3) The following information applies to the questions displayed below During the year. Trombley Incorporated has the following inventory transactions Number Unt of Units Cost $ 23 Transaction Jan 4 Mar 4 Jun. 9 Nov 11Purchase Total Cost $ 483 572 651 589 Beginning Inventory 21 26 31 31 21 19 Purchase 109 $ 2.295 For the entire yeer, the company sells 82 units of inventory for $31 each. Section Break Exercise 6-5 Calculate inventory amounts when costs are declining (LO6-3) Required: 1. Using FIFo, calculate ending inventory, cost of goods sold, sales revenue, and gross profit FIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Average | # of units | Cost per | Available unit Cost of Goods Average Cost of | # of units Cost per | Goods | # of units | Cost Ending Sold per unit Invent unit for Sale Beginning Inventory Purchases: Mar 04 Jun 09 Nov 11 Total Sales revenue Gross proft Exercise 6-5 Part 2 2. Using LIFo, calculate ending inventory, cost of goods sold, sales revenue, and gross profit LIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost of Average Goods Average Cost of # of units Cost per ie | # of units Cost per! of units Cost petr Goods Sold |#0f units!. Cost l Ending per unit Inventory Available unit unit for Sale Beginning Inventory Purchases Mar 04 Jun 09 Nov 11 Total Sales revenue Gross proft 3. Using weighted-average cost, calculate ending inventory, cost of goods sold, sales revenue, and gross protit (Round "Weighted-Average Cost per urn d Ending In Cost of Goods Available for Sale Cost # of units | Average | Ending InventoryInventory Average Cost Weighted Average Cost Cost of Goods of units Cost per Goods Sold Inventory # of units Costper | Available for of units Sold Unit Goods SoldInventCost per unit Sale Beginning Inventory 21 483 Purchases Mar 4 Jun 9 Nov 11 26 31 31 109 572 651 589 2.295 Total Sales revenue Gross proft