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

$\backslash$table$[[$Date$,$Transaction,Number of Units,Unit Cost,Total Cost$],[$January $1,$Beginning inventory,$40,$$$32,$$$1,280],[$April $7,$Purchase,$120,34,$$$1,2804,080],[$July $16,$Purchase,$190,37,7,030],[$october$,$Purchase,$100,38,3,800],[,,450,,$$$16,190]]$

For the entire year, the company sells $400$ units of inventory for $$50$ 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 $1$a and $b$

Req $1$ c and d

Req $2$a and b

Req $2$c and d

Req $3$a and b

Req $3$ c and d

Using FIFO, calculate ending inventory and cost of goods sold.

$\backslash$table$[[$FIFO$,$Cost of Goods Available for Sale,Cost of Goods Sold,Ending Inventory$],[$Number of units,Cost per unit,Cost of Goods Available for Sale,Number of units,Cost per unit,$\backslash$table$[[$Cost of$],[$Goods$],[$Sold$]],$Number of units,Cost per unit,Ending Inventory$],[$Beginning Inventory,$40,$$ $32,$$ $1,280,,$$ $32,,,,],[$Purchases:$,,,,,,,,,],[$April $07,120,$$ $34,4,080,,$$ $34,,,,],[$July $16,190,$$ $37,7,030,,$$ $34,,,,],[$October $06,100,$$ $38,3,800,,,,,,],[$Total$,450,,$$ $16,190,,,,,,]]$

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