During the year, TRC Corporation has the following inventory transactions. Date Jan. 1 Apr. 7 Jul 16 Oct. 6 Beginning inventory Purchase Purchase Purchase Transaction 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, (e) 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. Number of Units 60 140 210 120 530 = Unit Cost $52 54 $7 58 Total Cost $3,120 7,560 11,970 6,960 $29,610

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