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. Number of Unit Date Transaction Units Cost Total Cost Jan. 1 Beginning inventory 60 $ 52 $ 3,120 Apr. 7 Purchase 140 54 Jul.16 Purchase 210 57 Oct. 6 Purchase 120 58 7,560 11,970 6,960 530 $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. Answer is complete but not entirely correct. FIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost # of units Cost of Goods Cost per unit Available # of units per unit Cost of Goods Cost # of units Sold per unit Ending Inventory for Sale Beginning Inventory 60 $ 52 $ 3,120 60 $ 52 $ 3,120 70 x $ 52 $ 3,640 Purchases: Apr. 7 1400 Jul.16 210 Oct.6 120 SSS $ 54 7,560 140 $ 57 11,970 $ 54 2100 $ 57 7,560 11,970 140 x $ 54 7,560 210 x $ 57 11,970 $ 580 6,960 Total 530 $ 29,610 401 $ 58 450 2,320 90 x $ 58 5,220 $24,970 801 $ 4,6400