! Required information Exercise 6-4A Calculate inventory amounts when costs are rising (L06-3) [The following information applies to the questions displayed below.] During the year, TRC Corporation has the following inventory transactions. Date Jan. 1 Apr. 7 Jul.16 Oct. 6 Transaction Beginning inventory Purchase Purchase Purchase Number of Units 60 140 210 120 Unit Cost $ 52 54 57 58 Total Cost $ 3,120 7,560 11,970 6,960 $29,610 530 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. FIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost per Cost per # of units # of units Cost of Goods Sold # of units Cost of Goods Available for Sale $ 0 Cost Ending per unit Inventory unit unit $ 0 $ 0 Beginning Inventory Purchases: Apr. 7 Jul. 16 0 $ 0 0 0 $ 0 0 Oct.6 0 $ 0 0 Total 0 $ 0 Sales revenue Gross profit Exercise 6-4A Part 2 2. Using LIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. LIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost per # of units Cost of Goods Available for Sale Cost of Goods Sold # of units Cost per unit # of units unit Cost Ending per unit Inventory $ 0 Beginning Inventory Purchases: Apr 07 0 Jul 16 0 Oct 06 0 Total 0 $ 0 Sales revenue Gross profit 3. Using weighted-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.) Cost of Goods Available for Sale Cost of Goods Sold - Weighted Average Cost Ending Inventory - Weighted Average Cost Weighted Average Cost # of units Average Cost per unit Cost of Goods Available for Sale # of units Sold Average Cost of Cost per Unit Goods Sold # of units in Ending Inventory Average Ending Cost per unit Inventory 60 $ 3,120 Beginning Inventory Purchases: Apr 07 140 Jul 16 210 7,560 11,970 6,960 29,610 Oct 06 120 Total 530 $ Sales revenue Gross profit 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