Q. Using FIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit.Q. Using LIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit.

Exercise 6-4 Calculate inventory amounts when costs are rising (LO6-3) [The following information applies to the questions displayed below.] During the year, TRC Corporation has the following inventory transactions. Number Unit Date Transaction of Units Cost Total Cost Jan. 1 Beginning inventory 50 $ 42 $ 2,100 Apr. 7 Purchase 130 44 5,720 Jul. 16 Purchase 200 47 9,400 Oct. 6 Purchase 110 48 5,280 490 $ 22,500 For the entire year, the company sells 440 units of inventory for $60 each. References Section Break Exercise 6-4 Calculate inventory amounts when costs are rising (LO6-3)