During the year, TRC Corporation has the following inventory transactions

During the year, TRC Corporation has the following inventory transactions. 40 $ 32 Date Transaction Jan. 1 Beginning inventory Apr. 7 Purchase Jul.16 Purchase Oct. 6 Purchase Number of Units Unit Cost Total Cost $ 1,280 120 34 4,080 190 7,030 100 38 3,800 450 $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. FIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost of Goods Available for Sale # of units. Cost per unit Cost of Goods Sold Cost # of units Cost per unit # of units per unit Inventory Ending $ 0 $ Beginning Inventory Purchases: Apr. 7 Jul. 16 0 01 $ $ $ 0 0 0 0 0 Oct.6 Total Sales revenue Gross profit 2. Using LIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. LIFO Cost of Goods Sold Ending Inventory Cost of Goods Available for Sale Cost of Cost per Goods # of units unit Available for Sale $ 0 # of units Cost per Cost of Goods Sold # of units Cost Ending per unit Inventory unit O Beginning Inventory Purchases: Apr 07 Jul 16 O O OO Oct 06 Total Sales revenue Gross profit 3. Using weighted average cost, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. (Round "Average Cost per unit" to 4 decimal places and all other answers to the nearest whole number.) Cost of Goods Available for Sale Cost of Goods Sold - Weighted Average Cost Ending Inventory - Weighted Average Cost Weighted Average Cost # of units Cost per unit Cost of Goods # of units Available for Sold Sale Cost per Unit Cost of Goods Sold # of units in Ending Inventory Cost per unit Ending Inventory 1,280 Beginning Inventory Purchases Apr 07 Jul 16 Oct 06 Total 4,080 7,030 3,800 16,190 $ Sales revenue Gross profit 4. Determine which method will result in higher profitability when inventory costs are rising. Multiple Choice LIFO FIFO Weighted average