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 47 127 197 107 478 Unit Cost $ 39 41 44 45 Total Cost $ 1,833 5,207 8,668 4,815 $20,523 For the entire year, the company sells 426 units of inventory for $57 each. 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 # of units Cost per unit # of units Cost of Goods Available for Sale $ 0 Cost per unit Cost of Goods Sold # of units Cost Ending per unit Inventory $ 0 $ 0 Beginning Inventory Purchases: Apr. 7 Jul. 16 $ O 0 0 $ 0 0 0 Oct.6 0 $ 0 Total $ 0 Sales revenue Gross profit 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 Goods # of units unit Avallable for Sale $ 0 Cost per Cost per # of units unit Cost of Goods Sold # of units Cost Ending per unit Inventory Beginning Inventory Purchases: Apr 07 Jul 16 0 0 Oct 06 0 Total $ 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 4 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 Cout Weighted Average Cost # of units Cost per unit Cost of Goods Available for Sale # of units Sold Cost per Unit Cost of Goods Sold # of units In Ending Inventory Cost per unit Ending Inventory 47 $ 1,833 Beginning Inventory Purchases: Apr 07 Jul 16 Oct 06 Total 127 197 107 478 5.207 8,668 4,816 20,523 $ Sales revenue Gross profit 4. Determine which method will result in higher profitability when inventory costs are rising. Multiple Choice FIFO Weighted average O LIFO