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During the year, TRC Corporation has the following inventory transactions. Date Transaction Number of Units Unit Cost Total Cost January 1 Beginning inventory 44 $36

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

Date Transaction Number of Units Unit Cost Total Cost
January 1 Beginning inventory 44 $36 $1,584
April 7 Purchase 124 38 4,712
July 16 Purchase 194 41 7,954
October 6 Purchase 104 42 4,368
466 $18,618

For the entire year, the company sells 413 units of inventory for $54 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 rising.

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