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

Date Transaction Number of Units Unit Cost Total Cost

January $1$ Beginning inventory $51$ $$43$ $$2,193$

April $7$ Purchase $131455,895$

July $16$ Purchase $201489,648$

October $6$ Purchase $111495,439$

$494$ $$23,175$

For the entire year, the company sells $431$ units of inventory for $$61$ 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.