Required information Exercise 6-5A 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. Date Transaction Number of Units Unit Cost Total Cost Jan. 1 Beginning inventory 16 $ 18 Mar. 4 Purchase 21 17 Jun. 9 Nov.11 Purchase 26 16 Purchase 26 14 8264 $ 288 357 416 364 89 $1,425 For the entire year, the company sells 69 units of inventory for $26 each. Required: 1. Using FIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. Ending Inventory FIFO Cost of Goods Available for Sale Cost of Goods Sold # of units Cost per unit Cost of Goods Available Cost of # of units Cost per Goods # of units unit i Sold for Sale Beginning Inventory $ 0 $ $ Purchases: Mar 04 0 $ 0 0 Jun 09 $ 0 0 Nov 11 0 $ 0 0 Total: $ 0 Sales revenue Gross profit Cost Ending. per unit Inventory 2. Using LIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. LIFO Ending Inventory Cost of Goods Available for Sale Cost of Goods Sold Cost per # of units # of units Cost per unit Cost of Goods Sold # of units unit Cost of Goods Available for Sale Cost Ending per unit Inventory Beginning Inventory Purchases: Mar 04 Jun 09 Nov 11 Total Sales revenue Gross profit 3. Using weighted-average cost, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. (Round "Average Cost per unit" to 2 decimal places and all other answers to the nearest whole number.) Cost of Goods Available for Sale Cost of Goods Sold-Weighted Average Cost Ending Inventory Weighted Average Weighted Average Cost Average # of units Cost per Cost of Goods Available for # of units Sold unit Sale Average Cost per Unit Cost of Goods Sold of units in Ending Inventory Cost Average Cost per unit Ending Inventory Beginning Inventory 16 99 288 Purchases: Mar 4 21 357 Jun.9 26 416 Nov.11 26 364 Total 89 $ 1,425 Sales revenue Gross profit 4. Which method will result in higher profitability when inventory costs are declining? Multiple Choice Weighted average LIFO FIFO