ery & COGS Saved During the year, TRC Corporation has the following inventory transactions. Unit Cont $ 52 Date Transaction Jan. 1 Beginning inventory Apr. 7 Purchase Jul.16 Purchase Oct. 6 Purchase Number of Units 60 140 210 120 530 54 57 Total Cont $ 3,120 7,560 11,970 6,960 $29,610 58 For the entire year, the company sells 450 units of inventory for $70 each Required: 1. Using FIFO, calculate ending inventory, cost of goods sold, sales revenue and gross profit. FIFO Ending Inventory Cost of Goods Sold Cout of Goods Available for Sale Cost of # of units Goods unit Available for Sale 60 $ 52 $ 3,120 Cost per of units Cost per unit Cost of Goods Sold of units Cost Ending per unit Inventory 60 $ 52 $ 3,120 0 Beginning Inventory Purchases: 140 $ 54 0 Apr. 7 140 $ 210 $ 54 57 7,560 11,970 2100 $ 57 0 Jul. 16 7,560 11,970 6,960 29,610 $ 58 $ 58 58 4,640 Oct.6 Total 120 $ 530 40 450 2,320 $ 24,970 80 80 $ 4,640 $ Sales revenue Gross profit