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 Sold Ending Inventory Cost of Goods Available for Sale Cost of Cost per Goods # of units unit Available for Sale Cost # of units Cost of Goods Sold # of units Cost Ending per unit Inventory per 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 # of units Cost per Goods unit Available for Sale Cost # of units Cost of Goods Sold # of units per unit Cost Ending per unit Inventory Beginning Inventory Purchases: Apr 07 Jul 16 Oct 06 Total 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 Ending Inventory - Weighted Average Cos Cost 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 Inventor 47 1,833 Beginning Inventory Purchases: Apr 07 Jul 16 Oct 08 127 197 107 478 5,207 8,688 4,815 20,523 Total s Sales revenue Gross profit 4. Determine which method will result in higher profitability when inventory costs are rising. Multiple Choice LIFO Weighted-average FIFO