[The following information applies to the questions displayed below.] During the year, TRC Corporation has the following inventory transactions. Date Jan. 1 Apr. 7 Jul.16 Oct. 6 Transaction Beginning inventory Purchase Purchase Purchase Number of Units 48 128 198 108 Unit Cost $ 40 42 45 46 Total Cost $ 1,920 5,376 8,910 4,968 $21,174 482 For the entire year, the company sells 427 units of inventory for $58 each. 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 # of units Cost per unit # of units Cost of Goods Available for Sale $ 0 Cost per unit Cost of Goods Sold # of units Cost Ending per unit Inventory $ 0 $ 0 Beginning Inventory Purchases: Apr. 7 0 $ 0 0 Jul.16 0 $ 0 0 Oct.6 0 $ 0 0 Total 0 0 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 Cost of Goods Available for Sale # of units Sold Cost per Unit Cost of Goods Sold # of units in Ending Inventory Cost per unit Ending Inventory 48 1,920 Beginning Inventory Purchases: Apr 07 128 Jul 16 198 5,376 8,910 4,968 21,174 Oct 06 108 Total 482 $ Sales revenue Gross profit 4. Determine which method will result in higher profitability when inventory costs are rising. Multiple Choice LIFO O FIFO O O Weighted average 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 per unit Cost per # of units Cost of Goods Available for Sale # of units Cost of Goods Sold # of units Cost Ending per unit Inventory unit Beginning Inventory Purchases: Apr 07 Jul 16 Oct 06 Total Sales revenue Gross profit