Exercise 6-4 (Algo) Calculate inventory amounts when costs are rising (LO6-3) During the year, TRC Corporation has the following Inventory transactions. Date Transaction January 1 Beginning inventory April 7 Purchase July 16 Purchase October 6 Purchase Number of Unit Units Total Cost Cost 55 $47 $2,585 135 49 6,615 205 52 10,660 115 53 6,095 510 $25,955 For the entire year, the company sells 441 units of Inventory for $65 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 Using FIFO, calculate ending inventory and cost of goods sold. FIFO Beginning Inventory Purchases: Cost of Goods Available for Sale Cost of Goods Sold Cost of Cost of Number of units Cost per unit Goods Available Number of units Cost per unit Goods Sold of units Ending Inventory Number Cost Ending per unit Inventory for Sale 55 $ 19 47 $ 2,585 $ 47 April 07 135 $ 49 6,615 $ 49 July 16 205 October 06 115 19 19 52 10,660 $ 52 53 6,095 $ 53 Total 510 $ 25,955 < Req 1a and b Req 1c and d >