6 Spiceland Name 3 1 Page Problem 3 During 20x1, TRC Corporation has the following inventory transactions. Date Transaction Total Cost Unit Cost Number of Units Jan. 1 $ 1,280 Beginning inventory $32 40 Apr. 7 4,080 Purchase 34 120 7,030 Jul. 16 37 Purchase 190 3,800 Oct. 6 38 Purchase 100 $16.190 450 For the entire year, the company sells 400 units of inventory for $50 each and uses a periodic inventory system. 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 average cost, calculate (a) ending inventory, (b) cost of goods sold, (c) sales revenue, and (d) gross profit. rising. 4. Determine which method will result in higher profitability when inventory costs are 9 8