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During the year, Hooker Incorporated has the following inventory transactions. Date Transaction...

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Accounting

During the year, Hooker Incorporated has the following inventory transactions.
Date Transaction Number of Units Unit Cost Total Cost
January 1 Beginning inventory 24 $26 $624
March 4 Purchase 2925725
June 9 Purchase 3424816
November 11 Purchase 3422748
121 $2,913
For the entire year, the company sells 90 units of inventory for $34 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. Please answer all parts of question
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