Please help with the explanation.

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	40	$32	$1,280
April 7	Purchase	120	34	4,080
July 16	Purchase	190	37	7,030
October 6	Purchase	100	38	3,800
		450		$16,190

For the entire year, the company sells 400 units of inventory for $50 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	Cost of Goods Available for Sale			Cost of Goods Sold			Ending Inventory
	Number of units	Cost per unit	Cost of Goods Available for Sale	Number of units	Cost per unit	Cost of Goods Sold	Number of units	Cost per unit	Ending Inventory
Beginning Inventory	40	$32	$1,280	40	$32	$1,280	0
Purchases:
April 07	120	$34	4,080	120	$34	4,080	0
July 16	190	$37	7,030	190	$37	7,030	0
October 06	100	$38	3,800	50	$38	1,900
Total	450		$16,190	400		$14,290