[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 48 128 198 108 482 Unit Cost $ 40 42 45 46 Total Cost $ 1,920 5,376 8,910 4,968 $21,174 For the entire year, the company sells 427 units of inventory for $58 each. Required: . 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 per # of units # of units Cost per unit Cost of Goods Sold # of units Cost of Goods Available for Sale $ 1,920 Cost Ending per unit Inventory unit 481 $ 40 48 $ 40 $ 1,920 48 $ 40 $ 1,920 Beginning Inventory Purchases: Apr. 7 Jul. 16 Oct.6 Total 5,376 128 198 108 482 $ $ $ 42 45 46 8.910 128 1981 198 108 $ $ $ 42 45 1 46 5,376 8,910 4,968 128 198 108 $ $ $ 42 45 46 5,376 8,910 4,968 4,968 $ 21,174 Sales revenue Gross 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 Cost of Goods # of units Cost per # of units per unit its Cost Cost of Goods Sold # of units Cost Ending per unit Inventory unit Available for Sale 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 Cost Ending Inventory - Weighted Average Cost Weighted Average Cost # of units Cost per unit # of units Sold Cost per Unit Cost of Goods Available for Sale $ 1,920 Cost of Goods Sold # of units in Ending Inventory Cost per unit Ending Inventory 48 Beginning Inventory Purchases: Apr 07 Jul 16 Oct 06 128 198 108 482 5,376 8,910 4,968 21,174 Total $ 21,17 II $ I Sales revenue Gross profit 4. Determine which method will result in higher profitability when inventory costs are rising. Multiple Choice Weighted average FIFO o oo LIFO LIFO