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During the year, TRC Corporation has the following inventory transactions.

Date Transaction Number of Units Unit Cost Total Cost

January $1$ Beginning inventory $59$ $$51$ $$3,009$

April $7$ Purchase $139537,367$

July $16$ Purchase $2095611,704$

October $6$ Purchase $119576,783$

$526$ $$28,863$

For the entire year, the company sells $445$ units of inventory for $$69$ each.

RequiredDuring the year, TRC Corporation has the following inventory transactions.

For the entire year, the company sells $445$ units of inventory for $$69$ 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.

Determine which method will result in higher profitability when inventory costs are rising.

Complete this question by entering your answers in the tabs below.

Using LIFO, calculate ending inventory and cost of goods sold.:

$1-$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.