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

Date Transaction Number of Units Unit Cost Total Cost

January $1$ Beginning inventory $60$ $$52$ $$3,120$

April $7$ Purchase $140547,560$

July $16$ Purchase $2105711,970$

October $6$ Purchase $120586,960$

$530$ $$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.