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 trenssctions. Date Transaction Jan. 1 Beginning inventory Apr. 7 Purchase Jul.16 Purchase Oct. 6 Purchase Number of Units be 140 210 12e 53e 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 8.4A Part 1 Required: 1. Using FIFO, calculate ending inventory.cost of goods sold, sales revenue and gross profit. FIFO Cost of Goode Avalable for Sale Cost of Goode Sold Ending Inventory # of unite Cost per unit Cost of Goods Avaliable for Sale # of unite Cost per unit Cost of Goods Sold # of units Cost Ending per unit Inventory Beginning Inventory Purchases Apr. 7 Jul. 16 Oct.6 Total Sales revenue Gross profit 2. Using LIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. Cost of Goods Sold Ending Inventory Cost of Goods Sold # of units # of units Cost per unit unit Cost Ending per unit Inventory LIFO Cost of Goods Available for Sale Cost of # of units Cost per Goods Available for Sale Beginning Inventory $ 0 Purchases: Apr 07 0 Jul 16 0 0 Oct 06 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 Cost of Goods Average Available for # of units Cost per unit Sold Sale Average Cost per Unit Cost of Goods Sold # of units in Ending Inventory Average Ending Cost per unit Inventory 60 $ 3,120 Beginning Inventory Purchases: Apr 07 Jul 16 140 7.560 11,970 210 120 Oct 06 6,960 Total 530 $ 29,610 Sales revenue Gross profit 4. Determine which method will result in higher profitability when inventory costs are rising. Multiple Choice FIFO OLIFO O Weighted-average