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 53 333 20 Unit Cost $ 45 47 se 51 Total Cost 5 2,385 6,251 10, 150 5.763 524,549 502 For the entire year, the company sells 433 units of inventory for 563 each Required: 1. Using FIFO, calculate ending inventory, cost of goods sold, sales revenue and gross profit FIFO Cost of Goods Sold Ending Inventory Cost of Goods Available for Sale Cost of # of units Goods unit Available for Sale Cost per Cost per #of units Cost of Goods Sold # of units Cost Ending per unit Inventory unit 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 LIFO Cost of Goods Sold Ending Inventory Cost of Goods Available for Sale Cost of Goods Hof units unit Available for Sale 5 Cost per Cost per #of units Cost of Goods Sold Cost Ending per unit Inventory unit of units 0 Beginning Inventory Purchases Apr 07 Jul 16 Oct 06 Total 0 0 0 5 Sales revenue Grosso