During the year. TRC Corporation has the following inventory transactions. Date January 1 April 7 July 16 October 6 Transaction Beginning inventory Purchase Purchase Purchase Number of Units 40 120 190 100 450 Unit Cost $32 34 37 38 Total Cost $1,280 4,080 7,30 3,800 $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, Reg ia and b Reg ic 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. Cost of Goods Sold Ending Inventory FIFO Cost of Goods Available for Sale Cost of Number Cost per Goods of units unit Available for Sale 40 $ 32 $ 1,280 Number Cost per of units unit Cost of Goods Sold Number Cost Ending of units per unit Inventory $ 32 Beginning Inventory Purchases April 07 July 16 34 S 34 120 190 $ $ 37 lo 37 4,080 7,030 3,800 16,190 38 $ 38 October 06 Total 100 $ 450 $ Req 1a and bReq ic and dReq 2a and b Req 2c and d Req 3a and b Req 3c and d Reg 4 Using FIFO, calculate sales revenue and gross profit. Sales revenue Gross profit Reg 1a and b Reg ic and d Reg 2a and bReq 2c and d Req 3a and b Req 3c and d Reg 4 Using LIFO, calculate ending Inventory and cost of goods sold. LIFO Cost of Goods Sold Ending Inventory Cet of Goods Available for Sale Cost of Number Cost per Goods of units unit Available for Sale 40 $ 32 $ 1280 Number Cost per of units unit Cost of Goods Sold Number Cost Ending of units per unit Inventory Beginning Inventory Purchases April 07 July 16 120 S 34 190 $ 37 4,080 7,030 3.800 16,190 October 06 100 $ 38 Total 450 S 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 ic and d Req 2a and b Req 2c and d Req 3a and b Req 3c and d Req 4 Using LIFO, calculate sales revenue and gross profit. Sales revenue Gross profit Reg 2a and b Rea 3a and b. > Reg fa and b Regic and d Reg 20 and b Req 2c and Red Ja and b Reqc and d Feg 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 pe Cost of Goods Available for tale Cost of Goods Sold - Weighted Average Cost Ending Inventory Weighted Average Cost Weighted Average Cost Number Average Cost Cost of Goods Number Average Cost per Cost of Goods Available for Number of Average Cost per Ending of units per Unit of units Sale Unit Sold Unit Inventory units 40 $ 1280 Boginning inventory Purchases April 07 July 16 October 06 otal 120 190 100 450 4 080 7.030 3,800 16.190 $ Req ta and b Req ic and d Reg 2a and b Req 2c and d Req 3a and bReq 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 la and b Req ic and d Reg 2a and b Req 2c and d Req 3a and b Req 3c and d Reg 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