Required information (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 57 $ 49 $ 2,793 Apr. 7 Purchase 137 51 6,987 Jul.16 Purchase 11,178 Oct. 6 Purchase 117 6,435 518 $27,393 207 54 55 For the entire year, the company sells 443 units of inventory for $67 each. Required: 1. Using FIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit Cost of Goods Sold Ending Inventory of units Cost per Cost of Goods Sold # of units Cost Ending per unit Inventory unit $ 49 $ 0 57 $ 49 $ 2,793 FIFO Cost of Goods Available for Sale Cost of # of units Cost per Goods unit Available for Sale Beginning Inventory 57 $ 49 $ 2.793 Purchases: Apr. 7 137 s 51 6.987 Jul. 10 207s 54 11,170 Oct 6 117 S 55 6,435 Total 518 $ 27,393 51 137 s 207 S 1171 $ 518 6,987 11,178 6,435 55 3,135 57 $ 55 57 Sales revenue Gross profit Required information [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 57 137 207 117 518 Unit Cost $ 49 51 54 55 Total Cost $ 2,793 6,987 11,178 6,435 $27,393 For the entire year, the company sells 443 units of inventory for $67 each. 2. Using LIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. LIFO Cost of Goods Sold Ending Inventory Cost of Goods Available for Sale Cost of Cost per Goods # of units unit Available for Sale $ 0 # of units Cost per unit Cost of Goods Sold of units Cost Ending per unit Inventory 0 Beginning Inventory Purchases Apr 07 Jul 16 Oct 06 Total 0 0 0 $ 0 Sales revenue Gross profit