Problem 1 During the year, TRC Corporation has the following inventory transactions. Date Transaction Number of Units Unit CostTotal Cost Jan. 1 Beginning inventory Apr. 7 Purchase Jul. 16Purchase Oct. 6 Purchase 50 $42 $ 2,100 130 44 5,720 47 9,400 48 5.280 $22.500 200 490 For the entire year, the company sells 440 units of inventory for $60 each. Required: 1. Using FIFO, calculate (a) ending inventory, (b) cost of goods sold, (c) sales revenue, and (d) gross profit. Using LIFO, calculate (a) ending inventory, (b) cost of goods sold, (e) sales revenue, and (d) gross profit. 2