During the year, TRC Corporation has the following inventory transactions.Complete this question by entering your answers in the tabs below.

$\backslash$table$[[$Req $1$a and $b,$Req $1c$ and $d,$Req $2$a and $b,$Req $2$c and $d,$Req $3$a and $b,$Req $3c$ and $d,$Req $4]]$

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

$\backslash$table$[[\backslash$table$[[$FIFO$],[$Beginning Inventory$]],$Cost of Goods Available for Sale,Cost of Goods Sold,Ending Inventory$],[\backslash$table$[[\backslash$table$[[$Number$],[$of units$]]],[42]],\backslash$table$[[$Cost per$],[$unit$]],\backslash$table$[[$Cost of$],[$Goods$],[$Available$],[$for Sale$]],\backslash$table$[[$Number$],[$of units$]],\backslash$table$[[$Cost per$],[$unit$]],\backslash$table$[[$Cost of$],[$Goods$],[$Sold$]],\backslash$table$[[$Number$],[$of units$]],\backslash$table$[[$Cost$],[$per unit$]],\backslash$table$[[$Ending$],[$Inventory$]]],[$$$,34,$$$,1,428,$$$,34,$$$,0],[$Purchases:$],[$April $07,122,$$$,36,,4,392,,$$$,36,,0,,,],[$July $16,192,$$$,39,,7,488,,$$$,39,,0,,,],[$October $06,102,$$$,40,,4,080,,$$$,40,,0,,,],[$Total$,458,,,$$$,17,388,,,,,,,,7]]$

Date Transaction Number of Units Unit Cost Total Cost

January $1$ Beginning inventory $42$ $$34$ $$1,428$

April $7$ Purchase $122364,392$

July $16$ Purchase $192397,488$

October $6$ Purchase $102404,080$

$458$ $$17,388$

For the entire year, the company sells $411$ units of inventory for $$52$ 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.