During the year, TRC Corporation has the following inventory transactions. Date January 1 Transaction Beginning inventory April 7 Purchase July 16 Purchase October 6 Purchase Number of Unit Total Units Cost 58 $50 Cost $2,900 138 52 7,176 208 55 11,440 118 56 6,608 522 $28,124 For the entire year, the company sells 444 units of inventory for $68 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 Req 3c and d Using FIFO, calculate ending inventory and cost of goods sold. Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory FIFO Number of units Cost per unit Cost of Goods Available Cost of Number Cost per Number Goods of units unit of units Cost per unit Inventory Ending Sold for Sale Beginning Inventory 58 $ 50 $ 2,900 $ 50 $ 0 Purchases: April 07 138 $ 52 7,176 $ 52 0 July 16 208 $ 55 11,440 $ 55 0 October 06 118 $ 56 6,608 $ 56 0 Total 522 $ 28,124 Req 1a and b Req 1c and d Req 2a and b Req 2c and c Using FIFO, calculate sales revenue and gross profit. Sales revenue Gross profit < Req 1a and 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 Ending Inventory Number of units Using LIFO, calculate ending inventory and cost of goods sold. LIFO Cost of Goods Available for Sale Cost of Goods Available Number Cost of Goods Sold Cost per unit of units Cost per unit Cost of Goods Sold Number of units for Sale Beginning Inventory 58 $ 50 $ 2,900 Purchases: April 07 138 $ 52 7,176 July 16 208 $ 55 11,440 October 06 118 $ 56 6,608 Total 522 $ 28,124 < Req 1c and d Req 2c and d > Cost Ending per unit Inventory Req 1a and b Req 1c and d Req 2a and b Req 2c and d Req 3 Using LIFO, calculate sales revenue and gross profit. Sales revenue Gross profit < Req 2a and b 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 of Goods Sold - Weighted Average Cost Ending Inventory - Weighted Average Cost Number Average Cost of units per Unit Cost of Goods Available for Sale Number of units Average Cost per Unit Cost of Goods Sold Number of Average Cost per units Unit Ending Inventory 58 $ 2,900 Beginning Inventory Purchases: April 07 138 7,176 July 16 208 11,440 October 06 118 6,608 Total 522 $ 28,124 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 sales revenue and gross profit. (Round answers to 2 decir 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 Req 4 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 >