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-Graded Saved Exercise 6-4A 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. Date Transaction Jan. 1 Beginning inventory Apr. 7 Purchase Jul.16 Purchase Oct. 6 Purchase Number of Units 60 140 210 120 530 Unit Cost $ 52 54 57 58 Total Cost $ 3, 120 7,560 11,970 6,960 $ 29, 610 For the entire year, the company sells 450 units of inventory for $70 each. Exercise 6-4A Part 1 Required: 1. Using FIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. Cost of Goods Sold Ending Inventory FIFO Cost of Goods Available for Sale Cost of Goods # of units unit Available for Sale Beginning Inventory 59 $ 0 Purchases: Cost per # of units Cost per Cost of Goods Sold unit # of units fost Ending per unit Inventory $ 0 0 Apr. 7 $ Oo 0 Jul. 16 Oct 6 Total 0 on 0 0 $ $ ol 0 59 0 0 rul UE CHUTE yedi, WIE LUMPONY Sus 40V WINS VI ITIVENLUIG TOI PIU COLLI. Exercise 6-4A Part 2 2. Using LIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. Ending Inventory Cost per Cost per # of units LIFO Cost of Goods Available for Sale Cost of Goods Sold Cost of Goods Cost of # of units unit Available # of units unit Goods Sold for Sale Beginning Inventory $ Purchases Apr 07 0 Jul 16 0 Oct 06 Total Cost Ending per unit Inventory 0 Oo $ Sales revenue Gross profit Required information 3. Using welghted-average cost, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. (Round "Average Cost per unit" to 2 decimal places and all other answers to the nearest whole number.) Weighted Average Cost Cost of Goods Available for Sale Average Cost of Goods # of units Available for Cost per unit Sale Cost of Goods Sold - Weighted Ending Inventory - Weighted Average Average Cost Cost of units # of units Average Cost of Average Ending Sold Cost per Unit Goods sold in Ending Cost per unit Inventory Inventory 60 Begiving loventory Purchases: $ 3.120 Apr 07 Jul 16 140 210 Oct 06 120 7,560 11,970 6,000 29.610 Total 530 $ Groot Exercise 6-4A Part 4 4. Determine which method will result in higher profitability when inventory costs are rising. Multiple Choice FIFO LIFO Weighted average