Required information 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 Unit Cost 45 $ 37 125 39 195 185 43 470 42 Total Cost $ 1,665 4,875 8,190 4,515 $19, 245 For the entire year, the company sells 414 units of inventory for $55 each. Exercise 6-4A Part 1 Required: 1. Using FIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. Ending Inventory FIFO Cost of Goods Available for Sale Cost of Goods Sold Cost of # of units Goods Cost of Cost # of units per Goods unit Available unit for Sale Sold Rorinninn mann n! Cost per # of units Cost Ending per unit Inventory n P Exercise 6-4A Part 4 4. Determine which method will result in higher profitability when inventory costs are rising. Multiple Choice FIFO Weighted-average LIFO ri o