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	Number of Units	Unit Cost	Total Cost
January 1	Beginning inventory	46	$38	$1,748
April 7	Purchase	126	40	5,040
July 16	Purchase	196	43	8,428
October 6	Purchase	106	44	4,664
		474		$19,880

For the entire year, the company sells 425 units of inventory for $56 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.

Using LIFO, calculate ending inventory and cost of goods sold