3. Required information The following information applies to the questions displayed below) During the year, TRC Corporation has the following inventory transactions Unit Cost 2 Date Transaction Jan. 1 Beginning inventory Apr. 7 Purchase Jul. 16 Purchase Oct. 6 Purchase Number of Units 40 120 190 10e 450 $ 32 34 37 38 Total Cost $ 1,280 4,880 7,030 3,800 $16, 190 For the entire year, the company sells 400 units of inventory for $50 each. Required: 1. Using FIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. er a: 1 Cost of Good Sold Ending inventory Cont of Goods Available for Sale Cost of of units Cost per Goods unit Available for Sale Beginning Inventory $ 0 Purchase Cost per # of units Cost of Goods Sold unit Coat W of units Ending per un Inventory $ 0 $ 0 0 $ 0 0 0 $ 0 Ju. 16 Det 0 $ 0 0 0 0 0 $ 3 450 $16, 190 For the entire year, the company sells 400 units of inventory for $50 each Required: 1. Using FIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit 2 points FIFO Cout of Goods Available for Sale Cost of Goods Sold Cost of Goods Cost of Cost per of units Cost par # of units Goods unit Available unit for Sale Sold 5 0 $ 0 $ 0 Coat of units Hint 0 $ Beginning Inventory Purchases Ape Jul 16 Oct. 6 $ 1 * 10 0 Oo oo OOO $ 0 $ 0 Total ce s Sales revenue Gross profit 20,000 5,710 $