During the year, TRC Corporation has the following inventory transactions.

For the entire year, the company sells 450 units of inventory for $70 each.

Required:1. Using FIFO, calculate (a) ending inventory, (b) cost of goods sold, (c) sales revenue, and (d) gross profit.2. Using LIFO, calculate (a) ending inventory, (b) cost of goods sold, (c) sales revenue, and (d) gross profit.3. Using weighted-average cost, calculate (a) ending inventory, (b) cost of goods sold, (c) sales revenue, and (d) gross profit.4. Determine which method will result in higher profitability when inventory costs are rising.

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Number of Units Total Cost Transaction Unit Cost Date $ 3,120 Jan. 1 $52 Beginning inventory 60 7,560 Purchase 140 54 Apr. 7 Jul. 16 Purchase 210 57 11,970 Purchase Oct. 6 120 58 6,960 $29,610 530