Exercise 6-4 (Algo) Calculate inventory amounts when costs are rising (LO6-3) 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 60 $52 Cost $3,120 140 54 7,560 210 57 11,970 120 58 6,960 530 $29,610 For the entire year, the company sells 450 units of inventory for $70 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 Ending Inventory Cost of Goods Available for Sale Cost of Goods Sold Number of units Cost per unit Cost of Goods Number Available of units Cost per unit Cost of Goods Sold Number of units for Sale 60 $ 52 $ 3,120 $ 52 $ 0 Purchases: April 07 140 $ 54 7,560 $ 54 0 July 16 210 $ 57 11,970 $ 57 0 October 06 120 $ 58 6,960 $ 58 0 Total 530 $ 29,610 < Req 1a and b Req 1c and d > Ending Cost per unit Inventory