Exercise 6-5 (Static) Calculate inventory amounts when costs are declining (LO6-3) During the year, Triumph Incorporated has the following inventory transactions. Number of Unit Units Cost 20 $22 25 21 20 18 Date January 1 March 4 June 9 November 11 Transaction Beginning inventory Purchase Purchase Purchase 30 30 105 Total Cost $440 525 600 540 $2,105 For the entire year, the company sells 81 units of inventory for $30 each. Required: 1-a. & b. Using FIFO, calculate ending inventory, cost of goods sold. 1-c & d. Using FIFO, calculate sales revenue, and gross profit. 2-a & b. Using LIFO, calculate ending inventory, 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, 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.

Exercise 6-5 (Static) Calculate inventory amounts when costs are declining (LO6-3) During the year, Triumph Incorporated has the following inventory transactions. For the entire year, the company sells 81 units of inventory for $30 each. Required: 1-a. \& b. Using FIFO, calculate ending inventory, cost of goods sold. 1-c \& d. Using FIFO, calculate sales revenue, and gross profit. 2-a \& b. Using LIFO, calculate ending inventory, 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, 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