During the year, TRC Corporation has the following inventory transactions. Date Transaction January 1 Beginning inventory April 7 Purchase July 16 Purchase October 6 Purchase Number of Unit Units Cost 54 $46 Total Cost $2,484 134 48 6,432 204 51 10,404 114 52 5,928 506 $25,248 For the entire year, the company sells 440 units of inventory for $64 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. Complete this question by entering your answers in the tabs below. Req 1a and b Req 1c and d Req 2a and b Req 2c and d Req 3a and b Req 3c and d Req 4 Using FIFO, calculate ending inventory and cost of goods sold. Ending Inventory Cost of Goods Available for Sale Cost of Goods Sold FIFO Number Cost per of units unit Cost of Goods Available Cost of Number of units Cost per unit Number Goods Sold of units for Sale Beginning Inventory 54 $ 46 $ 2,484 54 $ 46 $ 2,484 0 Purchases: April 07 July 16 October 06 3 134 $ 48 6,432 134 $ 48 6,432 0 204 $ 51 10,404 204 $ 51 10,404 114 $ 52 5,928 114 $ 52 5,928 Total 506 $ 25,248 506 $ 25,248 Ending Cost per unit Inventory Using FIFO, calculate sales revenue and gross profit. Sales revenue Gross profit Using LIFO, calculate ending inventory and cost of goods sold. LIFO Cost of Goods Available for Sale Cost of Beginning Inventory Purchases: April 07 Cost of Goods Sold Number of units Cost per unit Goods Available Number of units Cost per unit Cost of Goods Sold for Sale 54 $ 46 $ 2,484 134 $ 48 6,432 July 16 204 $ 51 10,404 October 06 114 $ 52 5,928 Total 506 $ 25,248 Ending Inventory Number Cost Ending of units per unit Inventory Using LIFO, calculate sales revenue and gross profit. Sales revenue Gross profit Weighted Average Cost Beginning Inventory Purchases: Cost of Goods Available for Sale Cost of Goods Sold - Weighted Average Cost Ending Inventory - Weighted Average Cost Number of units Average Cost per Unit Cost of Goods Available for Number of units Average Cost per Unit Cost of Goods Sold units Number of Average Cost per Unit Sale Ending Inventory 54 $ 2,484 April 07 134 6,432 July 16 204 10,404 October 06 114 5,928 Total 506 $ 25,248 Sales revenue Gross profit Determine which method will result in higher profitability when inventory costs are rising