Required information The following information applies to the questions displayed below.) During the year, TRC Corporation has the following inventory transactions. Unit Date Cost Transaction Jan. 1 Beginning inventory Apr. 7 Purchase Jul.16 Purchase Oct. 6 Purchase Number of Units 44 124 194 104 $36 38 41 42 Total Cont $ 1,584 4,712 7,954 4,368 466 $18,618 For the entire year, the company sells 413 units of inventory for $54 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 Cost Cost per # of units unit Cost of Goods Available for Sale # of units Cost per unit Cost of Goods Sold #of units Ending per unit Inventory Beginning Inventory $ 0 s 0 S 0 Purchases: Apr. 7 0 $ 0 0 Jul. 16 0 S 0 0 Oct 6 0 S 0 0 Total $ 0 Sales revenue Gross profit Required information {The following information applies to the questions displayed below.) During the year, TRC Corporation has the following inventory transactions. Unit Number of Units 44 Date Transaction Jan. 1 Beginning inventory Apr. 7 Purchase Jul. 16 Purchase Oct. 6 Purchase 124 194 104 Cost $36 38 41 42 Total Cost $ 1,584 4,712 7,954 4,368 $18,618 For the entire year, the company sells 413 units of inventory for $54 each. 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 $ O Beginning Inventory Purchases: Apr 07 0 Jul 16 0 Oct 06 0 Total 0 $ 0 Sales revenue Gross profit Check my work Required information (The following information applies to the questions displayed below.) During the year, TRC Corporation has the following inventory transactions. Unit Number of Units Date Cost 44 Transaction Jan. 1 Beginning inventory Apr. 7 Purchase Jul.16 Purchase Oct. 6 Purchase 124 194 104 $36 38 41 42 Total Cost $ 1,584 4,712 7,954 4,368 $18, 618 466 For the entire year, the company sells 413 units of inventory for $54 each. 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 Sold - Weighted Average Cost Cost of Goods Available for Sale Ending Inventory - Weigh Weighted Average Cost Cost per # of units Cost of Goods # of units Available for Sold Sale Cost of Goods Sold Cost per Unit unit # of units in Ending Inventory Cost per u Beginning Inventory $ 1,584 Purchases: Apr 07 124 4,712 Jul 16 194 7.954 Oct 06 104 4,368 Total 466 $ 18.618 Sales revenue Gross profit Required information (The following information applies to the questions displayed below.) During the year, TRC Corporation has the following inventory transactions. Unit Cost Date Transaction Jan. 1 Beginning inventory Apr. 7 Purchase Jul.16 Purchase Oct. 6 Purchase Number of Units 44 124 $36 38 41 42 Total Cost $ 1,584 4,712 7,954 4,368 194 104 466 $18,618 For the entire year, the company sells 413 units of inventory for $54 each. 4. Determine which method will result in higher profitability when inventory costs are rising. Multiple Choice Weighted average FIFO LIFO