11 During the year, TRC Corporation has the following inventory transactions. Date Transaction January 1 April 7 Beginning inventory Purchase 6.53 points July 16 Purchase October 6 Purchase Number of Unit Total Units Cost 60 $52 Cost $3,120 140 54 7,560 210 57 11,970 120 58 6,960 530 $29,610 For the entire year, the company sells 450 units of inventory for $70 each. eBook Required: References 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 rising. Complete this question by entering your answers in the tabs below. Req 1a and b Req 1c and d Req 2a and b Req 2c and d Req 3a and b Req 3c and d Using FIFO, calculate ending inventory and cost of goods sold. FIFO Beginning Inventory Purchases: Cost of Goods Available for Sale Number Cost per Req 4 Ending Inventory Number Cost of Goods Cost Ending of units per unit Inventory Cost of Goods Sold Cost of Goods Available Number of units Cost per unit Sold for Sale 60 $ 52 52 $ 3,120 60 $ 52 $ 3,120 of units unit April 07 140 $ 54 7,560 140 $ 54 7,560 July 16 210 $ 57 11,970 210 $ 57 11,970 October 06 120 $ 58 6,960 40 $ 58 2,320 Total 530 $ 29,610 450 $ 24,970 80 $ 4,640