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During the year, TRC Corporation has the following inventory transactions.

For the entire year, the company sells 412 units of inventory for $53 each.

Required:

1. Using FIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit.

2. Using LIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit.

3. Using weighted-average cost, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. (Round "Weighted-Average Cost per unit" to 4 decimal places)

4. Determine which method will result in higher profitability when inventory costs are rising.

LIFO

Weighted-average

FIFO

Unit Cost Date Jan. 1 Apr. 7 Jul. 16 Oct. 6 Number of Units 43 123 193 103 Total Cost $35 1,505 4,551 7,720 4,223 Transaction Beginning inventory Purchase Purchase Purchase 37 40 41 462 $ 17,999