Exercise 6-4 Calculate inventory amounts when costs are rising (L06-3) [The following information applies to the questions displayed below.] During the year, TRC Corporation has the following inventory transactions. Date Jan. 1 Apr. 7 Jul. 16 Oct. 6 Transaction Beginning inventory Purchase Purchase Purchase Number of Units 50 130 200 110 Unit Cost $ 42 44 47 48 Total Cost $ 2,100 5,720 9,400 5,280 490 $ 22,500 For the entire year, the company sells 440 units of inventory for $60 each. Required: 1. Using FIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. FIFO Cost of Goods Sold Ending Inventory Cost of Goods Available for Sale Cost of Average Goods # of units Cost per unit Available for Sale 50 $ 42 $ 2,100 Average # of units Cost per unit Cost of Goods Sold Average Ending # of units Cost Inventory per unit $ $ 42 $ 0 Beginning Inventory Purchases: Apr. 7 130 $ 44 $ 44 0 Jul. 16 200 $ 47 $ 47 0 5,720 9,400 5,280 $ 22,500 Oct.6 110 $ 48 $ 48 0 Total 490 Sales revenue Gross profit