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 Unit Cost Total Cost 56 $ 48 $ 2,688 136 50 6,800 206 53 10,918 116 54 6,264 514 $26,670 For the entire year, the company sells 442 units of inventory for $66 each. Required: 1. Using FIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. leighted Average Cost Cost of Goods # of units # of units Cost per # of units Cost of Available for Sold Cost per Unit unit Sale Inventory Goods sold in Ending Cost per unit Endin Invento 56 $ 2 688 eginning inventory urchases 136 Apr 07 Jul 16 Oct 06 206 116 5141 6.800 10,918 6.264 26.670 otal $ ales revenue iross profit 2. Using LIFO, calculate ending inventory, cost of goods sold, sales revenue and gross profit. LIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory # of units Cost per unit Cost of Goods Available for Sale # of units Cost per unit Cost of Goods Sold # of units Cost Ending per unit Inventory 56 $ 480 $ 2,688 56 $ 48 $ 2,688 Beginning Inventory Purchases: Apr 07 Jul 16 Oct 06 136 $ 206 $ 50 53 54 6,800 10.918 206 $ 53 10,9181 0 116 $ 514 6,264 $ 26,670 Total 442 Sales revenue Gross profit