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 60 140 210 120 530 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 Required: 1. Using FIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. Answer is not complete. FIFO Cost of Goods Sold Ending Inventory Cost of Goods Available for Sale Cost of Cost # of Goods per units Available # of units Cost per unit Cost of Goods Sold # of units Cost per unit Ending Inventory Prey 1 2 3 4 of 12 Next > 1. Using FIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. Answer is not complete. FIFO Cost of Goods Sold Ending Inventory Cost Cost of Goods Available for Sale Cost of Cost # of Goods units per Available unit for Sale 60 $ $ 3,120 # of units Cost per unit Cost of Goods Sold # of units per unit Ending Inventory 52 60 $ 52 $ 3,120 Beginning Inventory Purchases Apr. 7 Jul 16 54 7,560 140 $ 210$ 140 $ 54 210 $ 57 57 7,560 11,970 6,960 $ 29,610 Oct 6 120 S > > 58 S 58 80 11,970 2,320 $ 24,970 $ 58 40 450 4,640 SC Total 530 80 Answer is complete and correct. Sales revenue $ 31,500 cnn Prey 1 2 3 4 of 12 HE Next > 6 to search O T Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It da Required information (The following information applies to the questions displayed below.) Lewis Incorporated and Clark Enterprises report the following amounts for the year. Inventory (beginning) Inventory (ending) Purchases Purchase returns Lewis $ 31,000 25,000 371, 600 22,000 Clark $ 57,000 67,000 194,800 67,000 Required: 1. Calculate cost of goods sold for each company Answer is not complete. Beginning inventory Add Purchases Less Purchase returns Lewis $31.000 371,600 22.000 Clark $ 57,000 194.800 67,000 8 of 12 ! 3 Required: 1. Calculate cost of goods sold for each company. Answer is not complete. Beginning inventory Add: Purchases Less: Purchase returns Lewis $ 31,000 371,600 22,000 Clark $ 57,000 194,800 67,000 Cost of goods available for sale 380,600 25,000 $ 355,600 184,800 67,000 $ 117,800 Cost of goods sold 5 6 7 8 of 12