During the year, TRC Corporation has the following inventory transactions. Date January 1 Transaction Beginning inventory Number of Unit Total Units Cost Cost 60 $52 $3,120 April 7 Purchase 140 54 7,560 July 16 Purchase 210 57 11,970 October 6 Purchase 120 58 6,960 530 $29,610 For the entire year, the company sells 450 units of inventory for $70 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 Ending Cost per unit Inventory FIFO Cost of Goods Available for Sale Cost of Goods Sold Cost of of units Number Cost per unit Beginning Inventory 60 $ 52 $ Goods Available for Sale 3,120 Cost of Number Cost per Number of units unit Goods Sold of units $ 52 Purchases: April 07 140 $ 54 7,560 $ 54 July 16 210 $ 57 11,970 October 06 120 $ 58 6,960 Total 530 $ 29,610 < Req 1a and b Req 1c and d > Req 1a and b Req 1c and d Req 2a and b Req 2c and d Req 3a and b Req 3c and d Using FIFO, calculate sales revenue and gross profit. Sales revenue Gross profit < Req 1a and b Req 2a and b > Req 4 Req 1a and b Req 1c and d Req 2a and b Req 2c and d Req 3a and b Req 3c and d Using LIFO, calculate ending inventory and cost of goods sold. Req 4 LIFO Beginning Inventory Cost of Goods Available for Sale Cost of Goods Sold Number of units Cost per unit Cost of Goods Available Number Cost per of units unit Cost of Goods Sold for Sale 60 $ 52 $ 3,120 Ending Inventory Number Cost Ending of units per unit Inventory Purchases: April 07 140 $ 54 7,560 July 16 210 $ 57 11,970 October 06 120 $ 58 6,960 Total 530 $ 29,610 < Req 1c and d Req 2c and d Req 1a and b Req 1c and d Req 2a and b Req 2c and d Req 3a and b Req 3c and d Using LIFO, calculate sales revenue and gross profit. Sales revenue Gross profit < Req 2a and b Req 3a and b > Req 4 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 weighted-average cost, calculate ending inventory and cost of goods sold. (Round "Average Cost per unit" to 4 decimal places and all other answers to 2 decimal places.) Weighted Average Cost Cost of Goods Available for Sale Cost Cost of Goods Sold - Weighted Average Ending Inventory - Weighted Average Cost Cost of Goods Number Average of units Cost per Number Average Available for unit Sale of units Cost per Unit Cost of Goods Number of Sold units Average Cost per unit Ending Inventory 60 $ 3,120 Beginning Inventory Purchases: April 07 140 7,560 July 16 210 11,970 October 06 120 6,960 Total 530 $ 29,610 < Req 2c and d Req 3c and d > Req 1a and b Req 1c and di Req 2a and b Req 2c and d Req 3a and b Req 3c and d Req 4 Using weighted-average cost, calculate sales revenue and gross profit. (Round answers to 2 decimal places.) Sales revenue Gross profit < Req 3a and b Req 4 > Req 1a and b Req 1c and d Req 2a and b Req 2c and d Req 3a and b Req 3c and d Determine which method will result in higher profitability when inventory costs are rising. Determine which method will result in higher profitability when inventory costs are rising. < Req 3c and d Req 4 > Req 4